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| − | A {{this}} is a document that describes a formal agreement between two or more parties. It is not a legal agreement, but it does indicate the establishment of a business relationship that will continue and likely result in a legal agreement such as a contract and is given weight in a court of law should one party fail to meet the obligations of the memorandum. | + | A {{this}} is a document that describes a formal agreement between two or more parties. It is typically not a legal agreement, but it does indicate the establishment of a business relationship that will continue and likely result in a legal agreement such as a contract and is given weight in a court of law should one party fail to meet the obligations of the memorandum. |
Alternative names for {{this}} include: [[t:LOI|Letter of Intent]]. | Alternative names for {{this}} include: [[t:LOI|Letter of Intent]]. | ||
| + | ===Notes=== | ||
| + | Disclaimer: {{OR}} does not provide legal advice and {{ORI}} is not a law firm. | ||
[[Category:Term]][[Category:Workflow]] | [[Category:Term]][[Category:Workflow]] | ||
{{Object | {{Object | ||
A Memorandum of Understanding is a document that describes a formal agreement between two or more parties. It is typically not a legal agreement, but it does indicate the establishment of a business relationship that will continue and likely result in a legal agreement such as a contract and is given weight in a court of law should one party fail to meet the obligations of the memorandum.
Alternative names for Memorandum of Understanding include: Letter Of Intent.
Disclaimer: OpenReference does not provide legal advice and OpenReference Initiative is not a law firm.