A Memorandum of Understanding (PROTOCOLE OF ACCORD, MOU) is a non-binding formal agreement that is implemented (in writing) between two or more parties. A letter of intent (LOI) is the same as a Memorandum of Understanding, and it is sometimes called the gentleman`s Agreement. It says that a party or party intends to band together to enter into a future contract. An agreement is reached to establish a business relationship with the intention of the parties to execute a contract in the future. An agreement will be respected when the parties have entered into a contract, but the formalities (such as the terms of the contract) of the contract have yet to be negotiated. Mou`s can be treated confidentially by parties if desired. A Memorandum of Understanding (`agreement`) is usually an interim agreement between the parties before a formal agreement is implemented. It is a document that emphasizes the intent of the parties and could also be characterized as a statement of intent (`LoI`). The agreement is generally implemented with a view to establishing a consensus between the contracting parties for future contracts and is generally not intended to give commitments to the parties. First, it should be understood that an agreement is not binding and legally unenforceable and is merely an “agreement of agreement” and that it highlights the business relationships that could lead to a formal contract or agreement between the parties. However, an agreement may create an obligation for the parties if the terms of the agreement give a binding agreement.
B. In your case, your father is required to respect the terms of the agreement and the same commitment because your father created financial and financial obligations. Exactly as the intent of the words with which an agreement is drafted, defines its definition itself and promotes its validity in the eyes of the law. “What`s in a name, a rose with any other name would smell so sweet?” is a popular reference to William Shakespeare`s play Romeo and Juliet. How the designation of an agreement or contract as an agreement will have an enforceable effect in the law.