DAILY LAW TIPS by Onyekachi Umah, Esq. (Tip 201) “Memorandum Of Understanding Is Not A Binding Contract”

Share on facebook
Share on google
Share on twitter
Share on linkedin

            by Onyekachi Umah,Esq.
                  (Tip 201)
“Memorandum Of Understanding Is Not A Binding Contract”
Contract is a binding agreement between parties, creating a commitment to do or not to do a particluar thing. Memorandum of Understanding is a mere expression of intention by parties, a preliminary understanding of parties to later enter into a formal contract but not on its own a contract and as such not binding and not enforceable by parties. 
To ensure you don’t sign a Contract instead of a mere Memorandum of Understanding, always contact your lawyer. 
My authority is the decision of Supreme Court in the case of BPS CONSTRUCTION & ENGINEERING COMPANY LIMITED v. FEDERAL CAPITAL DEVELOPMENT AUTHORITY (2017) LPELR-42516(SC).
NOTE: Sharing or modifying or publishing this publication without giving credit to Onyekachi Umah, Esq. and LearnNigerianLaws.com is a criminal breach of copyright and will be prosecuted. Please share this publication till it gets to those that need it most. Save a Nigerian today!
To receive our Daily Law Tips for free follow our Facebook page, Twitter, Instagram and YouTube via “@LearnNigerianLaws”.
This is the writer’s view not a legal advice and does not create any form of relationship. You may reach the writer for more information.
Powered by www.LearnNigerianLaws.com


Leave a Replay