Deed, Agreement & MOU
In common law, a deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed. It is commonly associated with transferring title to property a legal document that is an official record of an agreement or official proof that someone owns land or a building In common law, a deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed. It is commonly associated with transferring (conveyancing) title to property. The deed has a greater presumption of validity and is less rebuttable than an instrument signed by the party to the deed. A deed can be unilateral or bilateral. Deeds include conveyances, commissions, licenses, patents, diplomas, and conditionally powers of attorney if executed as deeds. The deed is the modern descendant of the medieval charter, and delivery is thought to symbolically replace the ancient ceremony of livery of seisin.
Types of deeds
Deed of termination Deed poll
Deed of indemnity Deed of forbearance
Deed of settlement Deed of confidentiality
Deed of guarantee Deed of novation
Deed of escrow Deed of release
An agreement is a formal decision about future action which is made by two or more countries, groups, or people. It looks as though a compromise agreement has now been reached. The two countries signed an agreement to jointly launch satellites a new defence agreement between Greece and the United States.
A memorandum of understanding is an agreement between two or more parties outlined in a formal document. It is not legally binding but signals the willingness of the parties to move forward with a contract. The MOU can be seen as the starting point for negotiations as it defines the scope and purpose of
the talks. Such memoranda are most often seen in international treaty negotiations but also may be used in high-stakes business dealings such as merger talks.
How Do You Write an MOU?
Usually a lawyer will draft an MOA. An MOU should clearly state the following: what parties are involved, the context of the agreement, the proposed date of when the agreement will become effective, the contact details of all relevant parties, the broad purpose of the agreement, and what each party is hoping to achieve, as well as a space for all necessary signatures.
Why Is an MOU Important?
An MOU is important because it allows each party to clearly state their objectives and
what they expect from one another. Drafting an MOU can help solve any disputes
before each party enters into a legally binding contract.
Difference between MOU and Agreement:
A deal is a contract in which two or more parties agree to work together for a common goal. A memorandum of understanding contains the components of an offer, acceptance, intention, and consideration, whereas an agreement includes the elements of an offer and acceptance.
In contrast, the Memorandum of Understanding is a written document that outlines the conditions of an agreement and is separate from the agreement itself.
The most fundamental distinction between an Agreement and an MoU is that the former can be made enforceable in a court of law, but the latter cannot, but the parties
are still bound by estoppel. An agreement can be made enforceable in a court of
law. An Agreement is legally binding on the parties, whereas a Memorandum of Understanding is only legally binding on the parties if it is signed in exchange for financial consideration.
The parties to the agreement possess collateral rights, whereas the parties to the memorandum of understanding do not own collateral rights. An agreement may be inferred, but a memorandum of understanding may never be inferred.