hello sir, please help me out. My question is a) MoU is in which section of indian contract act 1872 b) It is enforceable in court of law? c) any land mark case related with it Regards Sunny Jain
From India, Mumbai
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1From India, Mumbai
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Dear Sunny Jain,
It is loosely described that an MOU is a prelude to a contract and is not a contract in itself. An MOU is an agreement, but agreements enforceable by law only are contracts. So, all agreements are not contracts. To render an agreement into a contract, there has to be mutual obligation, the object of the agreement has to be legal, the parties must be competent to contract, free consent of the parties, and lawful consideration. In deciding whether an MOU is a contract or not, the Courts will not go by the terminology used but decide based on the aforementioned criteria. Therefore, the facts of the matter are to be seen.
KK
From India, Bhopal
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It is loosely described that an MOU is a prelude to a contract and is not a contract in itself. An MOU is an agreement, but agreements enforceable by law only are contracts. So, all agreements are not contracts. To render an agreement into a contract, there has to be mutual obligation, the object of the agreement has to be legal, the parties must be competent to contract, free consent of the parties, and lawful consideration. In deciding whether an MOU is a contract or not, the Courts will not go by the terminology used but decide based on the aforementioned criteria. Therefore, the facts of the matter are to be seen.
KK
From India, Bhopal
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