e-mail agreement void previous written contract?

[shuofdorei123]

I took on a partner in my business. We drew up a contract that says all equipment ( for events ) belonged to both partners. The partner invested $6, 500 in a new equipment item. He invested $12, 000 altogether, in the business. Soon afterward, he notified me by e-mail that he was opting out of the business partnership. He wanted to sell the piece of equipment he has purchased for the business. I told him I couldnt to do the events without it. He said he wold settle for a buy out on the partnership, for $3,000. He agreed to settle for 50% of the profit from the event gates, until the $3,000 was paid. I sold the equipment to pay off bills owed on the events ( as he had opted out of the partnership, do I not fully own the equipment ? ) as I can rent the equipment I need future events.
I have not put on any more events sense the e-mail agreements, and I think he is preparing to take me to court. There was no time frame agreed on to pay it back. Are e-mail agreements valid contracts?
Thanks.

If the emails show that you both agreed on a point or contract etc., then it is valid and binding yes.