Thursday, February 03, 2022 3:25:08 PM
Management has failed to provide its shareholders with any updates to any previously announced LOI's or MOU's. Are the understandings still valid or voided due to the passage of time? No one knows. There us a litany of globetrotting LOI's. We went from Ecuador to the Congo to the Cameroons and now India. What is next? Are they hoping that we forget? We need to get away from focusing on the flavour of the day (India) and look at what was said previously.
As for Indian law, I did delve into the Indian Contract Act of 1872 and the related cases. For the most part, an LOI or MOU is not binding unless six conditions are met. I would like to see the full signed LOI to be sure that the statute law is being followed. For example, an LOI spelling out the high level terms subject to a definitive contract is not binding. Anything with is indeterminant is not an enforceable contract.
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