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In business, an MoU is typically a legally non-binding agreement between two (or more) parties, outlining terms and details of a mutual understanding or agreement, noting each party's requirements and responsibilities—but without establishing a formal, legally enforceable contract (though an MoU is often a first step towards the development of a formal contract).
A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement, term sheet or memorandum of understanding.
The Philippines is a mixed law jurisdiction, shaped primarily by Spanish civil law and American common law as codified in the Philippine Civil Code. The Philippine Civil Code defines a contract as "a meeting of minds between two persons whereby one binds himself, with respect to the other, to give something or to render some service". [222]
A gentlemen's agreement, or gentleman's agreement, is an informal and legally non-binding agreement between two or more parties. It is typically oral, but it may be written or simply understood as part of an unspoken agreement by convention or through mutually beneficial etiquette.
Memorandum of understanding, MOU or MoU, a type of agreement between two or more parties; MOU, ISO 639 code for the Mogum language spoken in Chad; MoU, an abbreviation for Modern Ukrainian, the period of the Ukrainian language beginning at the very end of the 18th century; Mou boots, footwear company
On 1 January 2024, a memorandum of understanding (MoU) was signed between Ethiopian Prime Minister Abiy Ahmed and Somaliland President Muse Bihi Abdi. Reportedly, this MoU stated that Somaliland would lease 19 kilometres (12 mi) of its Gulf of Aden coastline to Ethiopia around the port city of Berbera. This agreement follows recent tensions ...
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