Memorandum of Understanding

A memorandum of understanding (MoU) is a type of agreement between two or more parties, expressing a convergence of will and indicating an intended common line of action. It is often used when parties do not imply a legal commitment or in situations where a legally enforceable agreement cannot be created. Whether a MoU is binding or not depends on the presence or absence of well-defined legal elements in the text, such as offer and acceptance, consideration, and the intention to be legally bound. MoUs are commonly used in business, government, and international relations, and can be registered with the United Nations treaty collection.learn more on wikipedia