A document that expresses mutual agreement on an issue between two or more parties. MOUs are generally recognized as binding, even if no legal claim could be based on the rights and obligations laid down in them. To be legally operative, a MOU must (1) identify the contracting parties, (2) spell out the subject matter of the agreement and its objectives, (3) summarize the essential terms of the agreement, and (4) must be signed by the contracting parties. Also called letter of intent.
Recent Articles and Podcasts
- The Inverse Relationship Between Logical Decision-Making, Stress, and Business Performance
- 49 States and California: Regulatory Landscape Challenges
- Lessons in Business Success and Transformation from Les Misérables
- Knock, Knock. Who’s There? Government Agents and Auditors
- Behind the Endorsement or Referral: The Rest of the Story
- What Game Is Your Business Playing?
- What Treasure Island Can Teach Us About Business
- Leadership Development Lessons from Counselor Troi’s Promotion Test on Star Trek: The Next Generation
- The Curse of Oak Island Leadership Lessons
- When Popularity Outweighs Competence: The Real Cost of Biased Promotions