A memorandum of understanding is a formal alternative to a gentlemen's agreement but lacks the binding power of a(n) ________

Name: A memorandum of understanding is a formal alternative to a gentlemen's agreement but lacks the binding power of a(n) ________
Brand: Quizplus
Rating: 4.7 (57 reviews)

Question

Quizplus · Accepted Answer

A memorandum of understanding is a formal agreement between two or more parties, but it lacks the legal binding power of a contract. While it outlines the terms and expectations of the parties involved, it is not enforceable by law like a contract.

A Memorandum of Understanding Is a Formal Alternative to a Gentlemen's