This memorandum of understanding can be used for simple, straightforward sale or purchase transactions or in any other situation in which a formal contract would be unnecessary or inappropriate, such as when the time or expense of drafting a formal contract would be a problem.
5.0 ( 3 reviews) Under 5 minutesThis memorandum of understanding can be used for simple, straightforward sale or purchase transactions or in any other situation in which a formal contract would be unnecessary or inappropriate, such as when the time or expense of drafting a formal contract would be a problem.
A memorandum can be useful even if the parties plan to draft a more complex and formal agreement at a later time, because some simple record of the parties' agreement may be necessary to avoid a bar to enforcement of the agreement under the applicable statute of frauds (see Uniform Commercial Code § 2-201). This memorandum resembles a simple contract in that it states only the essential parts of the agreement. This structure makes the memorandum the appropriate model on which to base purchase orders, sales orders, and other standardized forms that are designed to be filled out immediately after an oral agreement has been reached.
Sign-up to a free Lawpath account Lawpath is free to join, and you get one free legal document when you sign-up. Also, you can receive unlimited e-signature requests with your Lawpath account.
local_libraryBrowse our legal documents Browse our legal documents to find the perfect match to cover your business needs. We’ve got Compliance, Employment, Service agreements and more.
drive_file_rename_outlineCollaborate with e-Sign and Sharing Having access to your legal documents has never been easier. You can request e-signature, share the document and download for an efficient collaboration.