Comparison of MOU and Contract
Although it can be legally binding, a memorandum or understanding (MOU), is an document that describes the terms of an agreement between two to more people. The MOU can be used to formalize a relationship, or as documentation of the terms and conditions of a mutual agreement between parties. You can use it in many contexts including government and business. A contract, on the other hand is an legally binding agreement between more than one party. Contracts are usually composed of an offer, acceptance and consideration and must be legally binding. Contracts are used to determine the terms of a transaction, or set forth the rights and duties of all parties. A University of Oxford lawyer explained that an MOU (Memorandum of Understanding) is a document between two or many parties which outlines terms and specifics of the understanding. This includes the requirements of each party and their responsibilities. (Source: “Difference Between MOU and Contract,” University of Oxford, accessed December 23, 2022). The main distinction between an MOU (or contract) and an MOU (or contract), is that the MOU cannot be legally binding while contracts can legally be enforced.Source: “Memorandum Of Understanding (MOU),” Investopedia (accessed December 23, 2022). Cont…
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