A memorandum of understanding (MoU) is a document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used in cases where parties either do not imply a legal commitment or in situations where the parties cannot create a legally enforceable agreement. It is a more formal alternative to a gentlemen's agreement.
Whether or not a document constitutes a binding contract depends only on the presence or absence of well-defined legal elements in the text proper of the document (the so-called "four corners"). The required elements are: offer, consideration, and acceptance. The specifics can differ slightly depending on whether the contract is for goods (falls under the Uniform Commercial Code ) or services (falls under the common law of the state).
Read more about Memorandum Of Understanding: In Private Law, Inside A Company or Government Agency, In Public International Law
Famous quotes containing the words memorandum of and/or memorandum:
“The horror of that moment, the King went on, I shall never, never forget!
You will, though, the Queen said, if you dont make a memorandum of it.”
—Lewis Carroll [Charles Lutwidge Dodgson] (18321898)
“The horror of that moment, the King went on, I shall never, never forget!
You will, though, the Queen said, if you dont make a memorandum of it.”
—Lewis Carroll [Charles Lutwidge Dodgson] (18321898)