What does MOU mean in Companies & Firms?

This page is about the meanings of the acronym/abbreviation/shorthand MOU in the Business field in general and in the Companies & Firms terminology in particular.

memorandum of understanding

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What does MOU mean?

Memorandum of understanding
A memorandum of understanding is a document describing a bilateral or multilateral agreement between two or more parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used in cases where parties either do not imply a legal commitment or in situations where the parties cannot create a legally enforceable agreement. It is a more formal alternative to a gentlemen's agreement. Whether or not a document constitutes a binding contract depends only on the presence or absence of well-defined legal elements in the text proper of the document. The required elements are: offer, consideration, intention, and acceptance. The specifics can differ slightly depending on whether the contract is for goods or services.

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"MOU." Abbreviations.com. STANDS4 LLC, 2015. Web. 1 Dec. 2015. <http://www.abbreviations.com/term/1439516>.