A contract which includes terms which go against public policy is not enforceable, at least to the extent of those terms.
As an extreme example, if the penalty for violation of a contract on the part of one of the signers was for forfeit one's, wife, cat, dog, car, boat and first born son, those penalties would not be enforceable because such penalties would go against public policy.
We do not trade in human beings in this country and the cat, dog, car and boat are property and unless specifically mortaged to the contractwith proper paperwork would be untouchable by the terms.
You can sign a contract which essentially causes you to give up many or all of your rights but it is highly unlikely that a court of competent jusrisdiction would allow wuch terms to be valid.
Checked with my attorney on this one before posting this by the way.
My $.02.
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