eSignature Lawfulness for Memorandum of Understanding with airSlate SignNow

How to eSign a document: e-signature lawfulness for Memorandum of Understanding

hello my name is and today let me clarify on memorandum of understanding and agreement proper memorandum of understanding is just a documentation of parties preliminary understandings so what is containing memorandum of understanding is what party are saying that okay if we do this we are going to enter into a contract based on this this is our understanding so it is not an agreement for you to have a contract that must be offered there must be acceptance of that offer if the acceptance is conditional or something then there it is not a substance for instance if i say okay i'm going to sell my land for 20 million are you saying that oh i want to buy for 20 minutes i don't have the money now i'm going to pay you instrumentally it is still conditional because that's as that offer of 20 million you do not accept it without giving me a condition of payment so it is not an agreement yet so in summary to have a valid contract you have to have an offer an unqualified or unconditional acceptance of that offer then consideration consideration is that money or is the is the value you are giving you are exchanging if a fat lose for property is 20 million the concentration of that property is that 20 million so if you do not pay that 20 million the contract is not valid yet in fact failure to pay that 20 million is fundamental breach to that agreement if you have accepted are going to pay 20 million but you have not paid or you fail to pay the 20 million then there must be capacity on the part of the parties as well as intention to create legal relationship for instance if you have husband and wife in the same room first talking okay sign this agreement for me do they really have intention to create a legal intention to create a negative relationship that's the topic for another day so in summary memorandum of understanding is just a preliminary understanding or negotiation between parties to enter into a contract memorandum of understanding itself it is not a contract i hope you're able to get the difference have a wonderful day bye