Replies to post #998 on Money 101 (Money)

[Argyll]

"Memorandum of Understanding - MOU

A legal document outlining the terms and details of an agreement between parties, including each parties requirements and responsibilities.

Notes:
The MOU is often the first stage in the formation of a formal contract. An MOU is far more formal then a handshake and is given weight in a court of law should one party fail to meet the obligations of the memorandum. "

http://financial-dictionary.thefreedictionary.com/Memorandum+of+Understanding+-+MOU

[lowman]

Not sure, really. I think it's about equal to a LOI.