What is a Memorandum of Understanding?

A Memorandum of Understanding helps in communicating mutual expectations of parties involved in an organisation. Here's how it works and how to make one!

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1. MOU also stands for a memorandum of understanding. It's an agreement that is entered much before the parties enter into any future business agreement or arrangement.

2. It is more of an understanding between the two parties wherein they have some mutual understanding points and they do not disclose all they do not violate any of the terms mentioned in an MOU.

3. MOU is more of an understanding and that's where the major question arises on its enforceability and legality. Most scenarios MOU is legally not valid but in a situation where it fulfills all the three conditions of Section 10 of the Indian Contracts Act. It is legally valid