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Agreement? >> that's painting a fictional picture to the whole scenario. there's an or there. they left it open for either/or. the bottom line is ec llc entered into the contract. >> but he's saying if donald trump had nothing to do with this -- >> he had everything to do with it. he's a third party beneficiary. he doesn't have to be a party to the contract to benefit from the contact, but he certainly can enforce the contract like a third party beneficiary can, and this is contract. and you are advising your client to blatantly violate a contract. $1 million per violation, and it's not just t...

Stormy daniels and her lawyers to death? if he has nothing to hide, why is he doing all of this and then suing a private citizen? >> also from a legal standpoint, i mean if michael cohen says that he paid stormy daniels of his own money without the president knowing about it, without the president's advice or consent or being asked about it, out of pure loyalty, why then is donald trump a party to this lawsuit? why is he party to moving this to federal court? >> well, the agreement is by this corporation, eec, llc. >> which michael cohen set up. >> and the money came from michael cohen. but it...

It, out of pure loyalty, why then is donald trump a party to this lawsuit? why is he party to moving this to federal court? >> well, the agreement is by this corporation, eec, llc. >> which michael cohen set up. >> and the money came from michael cohen. but it's legal for a company to make a contract with somebody else that might affect a third party like the president, if you assume the president is not a party because he didn't sign it. >> but if there's a space for the president to sign and to initial it, doesn't that imply that the president is a party to it? i mean -- >> it does, anderson...

Tomorrow my and ec llc. it says and/or. he was representing the llc. it was perfectly legal for michael cohen to represents that llc. and entering the agreement. it was a valid agreement and donald trump -- >> why have david dennison name in there. >> it could be a third party beneficiary to every single contract. that's what happens here. michael cohen is acting in the best interests of his client and his client is a third party beneficia beneficiary. >> does he have to tell his that third party, his bieneficiary that he's entering into an agreement. >> no, he does not have to because he's in...

Schwartz, and jeffrey toobin. i want to ask you a couple of things. would it be, michael cohen says he did this all on his own. he entered into an agreement through the llc that he set up. apparently for donald trump under the name david denison for a financial contract. isn't is unethical for michael cohen to enter into an agreement on behalf of david denison without actually informing president trump? >> let's get to the agreement itself. the agreement is between stormy and ec l.l.c. >> and david denison. >> and it says and/or. that's a key "or."