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

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DAILY LAW TIPS 
            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).
 
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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.
 
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