Is this a valid proof:
We take the contrapositive statement, that if $a < 1$ and $b < 1$, then $ab < 1$, and suppose, to the contrary, that $ab\geqslant 1$. It would follow that \begin{align*} ab && \geqslant && 1\\ a && \geqslant && b^{-1}.\\ \end{align*} By definition, however, $b < 1$ implies $b^{-1} > 1$, and we now have $1 \geqslant a \geqslant b^{-1}> 1$, which compresses to $1>1$, providing a contradiction.