[elwoodblues]

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However, you possibly couldn't sign a contract that said that your children and your children's children in perpetuity had to be bound under the same contract with the same gym.

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Nobody is binding children or children's children. The hypothetical is a bind on property. Think of it as akin to an easement. Imagine that the phone company purchases from you an easement on your property for $10,000. The easement allows them to run lines underground through your yard. Are you suggesting that you can back out of that arrangement or that successor owners of the same property should be able to back out of it? How about if you sell to your neighbor an easement to use part of your driveway (because absent your driveway they have no access to their house. You agree to sell that access for $5,000 and agree that successive owners of your neighbors property will have access to the easement (though you still own the land.) Should you (or your children or your children's children) be able to back out of that one as well???