It has been a while, but I will try my best.
Generally, an unsigned contract can’t be enforced. Now there are all kinds of exceptions, but what you basically get into is did both parties assume there was a contract and behave like there was a contract? Trump paid Stormy and she performed by not talking about the affair. That would be an argument that the contract is enforceable even though it wasn't signed.
However, when Trump’s attorney disclosed the existance of the agreement on national TV, he was no longer acting like there was a valid contract as the terms of the contract said neither party could disclose the existence of the contract. So perhaps, even if there was a valid contract at some point, Mr. Cohen may have beached it ending Stormy’s duties to keep quiet under the contract.
Furthermore, you get into a whole muck of who exactly was the other party in this contract? Trump, The LLC or Trump’s Lawyer? Trump never signed the contract and his attorney went on national TV and said Trump wasn’t part of it. Stormy thought she was getting into a contract with Trump which leads us down the path of there wasn’t a contract because there was never a meeting of minds between the parties.
It really is a fascinating bit of contract law with lot of outs for Stormy because of poor drafting and execution on the part of Trump’s attorney. In any event, it will be up to the court to decide if it is enforceable or not.
The arbitration that Sanders mentioned in today’s presser was bizarre. It was granted on an Ex parte motion which means Stormy didn’t get notice of the hearing and wasn’t able to be there to defend herself. Ex parte motions are usually reserved for cases where there is some imminent threat of bodily harm, and any order issued based upon such motions are temporary until there can be a full hearing where both parties are given the oppertunity to be present and state their case.
Secondly, an arbitrator can’t issue an injunction by himself/herself. I have literally never heard of an arbitrator attempting to issue an Ex Parte restraining order. The only way an arbitrator can issue a restraining order is after the arbitration is concluded where both parties were given the opportunity to present their case and even then, the order wouldn’t be effective until it was sent to a regular state court and signed off on by a sitting judge.
The arbitration seems so shady I wouldn’t be surprised if that in and of itself sinks Trump’s whole case.
Again the whole thing is very odd as you have the President of The United States, whose duty it is to see that laws are faithfully executed arguing in a legal proceeding that an unethical/disfavored/possibly illegal contract that requires someone to be untruthful for the benefit of the President should be enforced. I don’t think it is a winner for Trump.