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cableguy

05/09/20 9:26 PM

#2998 RE: Homebrew #2984

I beg to differ, its a Memorandum of understanding, a filing/statement backed in a court of law. I doubt its a lie now.

Every contract has three core characteristics: (1) an offer for the performance of services or delivery of goods by an offeror; (2) the acceptance of that offer by the offeree; and (3) consideration (i.e., something in return) for the services or goods provided by the offeror. For a contract to be enforceable, there must be mutual assent of the contracting parties to terms reasonably certain under the circumstances.[1] If a written document contains terms that provide for these elements and indicates that the parties to that document intend to be bound by those terms, a court could very well rule that the document is an enforceable contract regardless of what the document is called. In other words, one must never assume a document is not an enforceable contract just because it is called a Memorandum of Understanding or Letter of Intent, or a Term Sheet. There very well could be an enforceable agreement lurking in there.