![]() ![]() The lawyer's version is likely to have a bunch of legalese ("Whereas so-and-so wishes to…"), use paragraphs identified by Roman numerals, include a bunch of clauses (paragraphs) that are mostly inessential, and be 17 pages long. As long as the letter describes the deal's essential terms, a statement of binding intent, and the parties' signatures, it's as legally sound and enforceable as a document produced by a lawyer's office. ![]() The agreement is structured as if it were a letter, with separate paragraphs, a date line, and places at the bottom for signatures. What Is a Letter Agreement?Ī letter agreement, also called a letter of agreement, or an agreement letter, documents an agreement between two or more parties. The biggest difference between a letter agreement and a memorandum is the way they are structured. Remember that old adage, "Get it in writing"? Oral agreements are enforceable in certain circumstances, but when it comes to some business arrangements-like partnering with your brother-in-law to buy a boat, or buying a big-ticket item you can't immediately take home-a letter agreement or memorandum of understanding (MOU) will do a better job of protecting your interests.īoth documents can be legally binding if they include the essential terms of the agreement, including the parties' intention that they be bound by these terms, and everyone involved signs the document. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |