Memorandum of agreement in the context of Four corners (law)

⭐ Core Definition: Memorandum of agreement

A memorandum of understanding (MoU) is a type of agreement between two (bilateral) or more (multilateral) 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 gentlemen's agreement.

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 "four corners"). The required elements are offer and acceptance, consideration, and the intention to be legally bound (animus contrahendi). In the US, the specifics can differ slightly depending on whether the contract is for goods (so falling under the Uniform Commercial Code) or services (falling under the common law of the state).

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Memorandum of agreement in the context of Memoranda

A memorandum (pl.: memorandums or memoranda; from the Latin memorandum, "(that) which is to be remembered"), also known as a briefing note, is a written message that is typically used in a professional setting. Commonly abbreviated memo, these messages are usually brief and are designed to be easily and quickly understood. Memos can thus communicate important information efficiently in order to make dynamic and effective changes.

In law, a memorandum is a record of the terms of a transaction or contract, such as a policy memo, memorandum of understanding, memorandum of agreement, or memorandum of association. In business, a memo is typically used by firms for internal communication, while letters are typically for external communication.

View the full Wikipedia page for Memoranda

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