''It is our hope that the suit will move quickly through the courts and that the league will not attempt to stonewall the procedings and allow the court to determine the single legal issue: whether the players are correct that there is no exemption from the antitrust laws protecting the owners with regard to the salary cap, the right of first refusal and the draft, without a player's agreement.'' Option to Void Contracts

Fleisher said that if the court ruled in favor of the players, those players forced to sign contracts under the current rules would have the option to void them and earn the right to sue for damages.

The N.B.A. ordered its teams yesterday not to discuss the suit and leave all comments to the league.

Gary Bettman, the N.B.A.'s general counsel, said: ''It's unfortunate the players have decided to litigate, instead of negotiate. However, we are very comfortable with our legal position and believe that ultimately we're going to make a deal.

''Hopefully, the players will attempt to reach an agreement with us by bargaining in good faith, not simply by awaiting a court determination, which in the best of circumstances for the players will require the parties to reach a negotiated agreement.''

This is the third time the players have challenged the N.B.A. in court. Previous Suits

The Oscar Robertson antitrust suit in 1970 prevented several attempts to merge the N.B.A. with the American Basketball Association. When that suit, which established the current free agency rules, was settled in 1976, the leagues merged the following season., In 1982, another antitrust suit prevented a league attempt to impose a salary cap. After it was ruled illegal, the cap was negotiated into the last labor agreement, which gave the players 53 percent of the league's gross revenues.

With the moratorium over and general managers throughout the league beginning talks to sign their rookies and free agents, Utah announced that it had negotiated a new contract with Karl Malone, who had two years remaining on his four-year agreement. The 6-foot-9-inch Malone. who threatened to play in Italy if he did not get a contract extension, signed a six-year contract worth a reported $6 million. He led the Jazz in scoring last season, averaging 21.7 points as well as 10.2 rebounds. Mavericks Sign Top Pick

DALLAS, Oct. 1 (AP) - The Dallas Mavericks today signed Jim Farmer, their No. 1 draft choice. Farmer, a 6-foot-4-inch guard from the University of Alabama, was the 20th player chosen in the June draft.