All excellent points. You do have all the leverage here, not film student guy.

> Personally, I still wouldn't take the deal because it sounds like your "partner" is adversarial.

This is what stood out most in my mind as I read the OP. I wouldn't go into business with anyone that I didn't trust like my own brother. If he is trying to make you sign some 17 page contract as a college kid, imagine what would happen if there were ever any real money to divvy up.