Memoranda of understanding are the laid-back guys at the law office. They're a bit more formal than a handshake but less complicated than a contract. How much do you know about these ultra-common agreements?
Question 1 of 20
Memoranda of understanding (MOUs) are basically an agreement that comes before this?
Question 2 of 20
What are MOUs sometimes called?
Question 3 of 20
MOUs are considered a form of what?
Question 4 of 20
Why do so many entities prefer to use MOUs instead of contracts?
Question 5 of 20
In international law, countries sometimes write MOUs to avoid more formal documentation, such as this.
Question 6 of 20
Why do interagency government agreements often take the form of MOUs?
Question 7 of 20
When two parties are negotiating, what are MOUs good for?
Question 8 of 20
What’s one of the risks of using an MOU instead of a contract?
Question 9 of 20
Why did George W. Bush and John Kerry agree to an MOU during the 2004 presidential race?
Question 10 of 20
If an MOU contains the language and structure of a contract, what might a judge do if the parties wind up in court?
Question 11 of 20
For a judge to find an MOU a binding agreement, he will look for what key elements?
Question 12 of 20
What's one reason countries use MOUs in place of treaties?
Question 13 of 20
Why do a lot of lawyers dislike MOUs?
Question 14 of 20
In one notable example, the United States and Cuba signed an MOU criminalizing which activity?
Question 15 of 20
MOUs are rather informal, but they're actually more formal than what kind of agreement?
Question 16 of 20
Even though MOUs typically aren't binding, what wonderful purpose do they serve?
Question 17 of 20
For an MOU to be official, it must be documented on what kind of material?
Question 18 of 20
As two parties negotiate a business deal, they might include which sort of details in the MOU?
Question 19 of 20
What's one way two parties can make it absolutely clear that an MOU isn't intended to be a contract?
Question 20 of 20