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<blockquote data-quote="Returntosender" data-source="post: 3701776" data-attributes="member: 29240">A memorandum of understanding (MoU) is a type of agreement between two (<a href="https://en.m.wikipedia.org/wiki/Bilateralism" target="_blank">bilateral</a>) or more (<a href="https://en.m.wikipedia.org/wiki/Multilateralism" target="_blank">multilateral</a>) parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used either in cases where parties 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 <a href="https://en.m.wikipedia.org/wiki/Gentlemen%27s_agreement" target="_blank">gentlemen&#039;s agreement</a>.Whether 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 &quot;<a href="https://en.m.wikipedia.org/wiki/Four_corners_(law)" target="_blank">four corners</a>&quot;). The required elements are: <a href="https://en.m.wikipedia.org/wiki/Offer_and_acceptance" target="_blank">offer and acceptance</a>, <a href="https://en.m.wikipedia.org/wiki/Consideration" target="_blank">consideration</a>, and the <a href="https://en.m.wikipedia.org/wiki/Intention_to_be_legally_bound" target="_blank">intention to be legally bound</a> (animus contrahendi). In the U.S., the specifics can differ slightly depending on whether the contract is for goods (falls under the <a href="https://en.m.wikipedia.org/wiki/Uniform_Commercial_Code" target="_blank">Uniform Commercial Code</a>[UCC]) or services (falls under the common law of the state).</blockquote>

[QUOTE="Returntosender, post: 3701776, member: 29240"] A [B]memorandum of understanding[/B] ([B]MoU[/B]) is a type of agreement between two ([URL='https://en.m.wikipedia.org/wiki/Bilateralism']bilateral[/URL]) or more ([URL='https://en.m.wikipedia.org/wiki/Multilateralism']multilateral[/URL]) parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used either in cases where parties 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 [URL='https://en.m.wikipedia.org/wiki/Gentlemen%27s_agreement']gentlemen's agreement[/URL]. Whether 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 "[URL='https://en.m.wikipedia.org/wiki/Four_corners_(law)']four corners[/URL]"). The required elements are: [URL='https://en.m.wikipedia.org/wiki/Offer_and_acceptance']offer and acceptance[/URL], [URL='https://en.m.wikipedia.org/wiki/Consideration']consideration[/URL], and the [URL='https://en.m.wikipedia.org/wiki/Intention_to_be_legally_bound']intention to be legally bound[/URL] (animus contrahendi). In the U.S., the specifics can differ slightly depending on whether the contract is for goods (falls under the [URL='https://en.m.wikipedia.org/wiki/Uniform_Commercial_Code']Uniform Commercial Code[/URL][UCC]) or services (falls under the common law of the state). [/QUOTE]

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