WILL & JADA SAY'S DONT BLAME US FOR BAD MOVIE EVEN THOUGH JADA WROTE THE SCRIPT!

Will Smith and his wife Jada Pinkett-Smith claim they're not to blame for a movie that made absolutely no money -- even though Jada wrote the script.

It's all over a movie you'll probably never see called "Human Contract" -- which Jada wrote in 2007.

In legal papers filed today in L.A. County Superior Court, the couple claims the guy who financed the movie is threatening to sue them because he believes Will and Jada "guaranteed" a return on an investment to get him on board. Will and Jada claim they "made no such representations."

Long story short -- the movie went straight-to-DVD and Will and Jada admit, "it is unlikely that it will ever make a profit."