You likely face an uphill battle since you did in fact sign. That said, you may be able to use the non deposit and/or a theory of duress to try to get out of it. I'd be happy to discuss it further with you,
For an agreement to be binding there must be consideration. Based on the information given, it does not appear this occurred or there was mutual assent. With that being said, you will want to retain an attorney to look at the agreement to determine the validity of it. Paying a couple of dollars today may save you many headaches in the future. I would continue to seek work wherever you can, as there are not many opportunities these days.
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I tend to agree with Mr. Wyatt. You and your attorney should consider a strategy whereby your return the $500 and assert that you were pressured into signing an agreement that is invalid.