MOU's

A memorandum of understanding (MoU) is a type of agreement between two (bilateral) or more (multilateral) parties. It expresses a convergence of will between the parties, indicating an intended common line of action.It is often used either in cases where parties do not imply a legal commitment or in situations where the parties cannot create a legally enforceable agreement. It is a more formal alternative to a gentlemen's agreement.

Whether a document constitutes a binding contract depends only on the presence or absence of well-defined legal elements in the text proper of the document .The required elements are offer and acceptance, consideration, and the intention to be legally bound.