This article continues a series on common contractual terms or clauses which are often referred to as boilerplate. This entry in the series looks at the concept of a "memorandum of understanding", which in business terms can be conceptualized as an agreement to negotiate. The article explains why businesses would enter into such a facially valueless agreement, and details some legal causes of action stemming from a clause or agreement which is purportedly non-binding.
- Summary by FizzLaw Team
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Boilerplate Blurb: Memorandum of Understanding