Please anyone let me know
1) The difference between an Agreement and MOU.
2)In what circumstance Agreement is used and in what circumstance MOU is used.
(Chief Financial Officer and Co)
Replied 22 September 2008
The classification of a document in its legality can be explained only on the basis of the clauses (contents) of that document.
Agreement is a contract yet to performed and is also a record of understanding. It is contract and binding on the parties. Agreement will be usually one where on performs for the
MOU is a mutual agrement where parties agree on eachothers contracts. There will two contracts in MOU one ready to do something or abstain from soing something.
Both are binding and enforceable in law.
Replied 06 September 2010
is mou covered in section 297
Replied 16 February 2011
i have my own co-operatve society in maharashtra.our former secretery had purchased a room of 170sq ft in MHADA scheme,by an agreement we had already paid him full amount,but he did not produce us a noc for registry.
Actually , that agreement was been made in 1997 on 20 RS stamp paper.but unfortunatrely we did not notary or registered that agreement.and now when we approach him he said he will never registered us that room.but the possession of that room is still under are organisation.so pls kindly suggest me what should i do in this case.