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.