Questions and Answers
Dr. Marina Fares presented on the difference between LOI, MOU, and Contract.
False
A contract is an agreement creating and defining obligations between two or more persons.
True
A letter of intent (LOI) is likely to encompass a number of different aspects and it varies in length according to the level of specificity and the type of transaction.
True
Sir William Anson defined a contract as a legally binding agreement between two or more persons.
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All letters of intent lay out the basics of a deal, including cost, time frame, and contingencies.
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Study Notes
Contracts and Agreements
- A contract is an agreement that creates and defines obligations between two or more persons.
- A contract is a legally binding agreement between two or more persons, as defined by Sir William Anson.
Letter of Intent (LOI)
- A LOI encompasses various aspects and varies in length according to the level of specificity and the type of transaction.
- All LOIs lay out the basics of a deal, including:
- Cost
- Time frame
- Contingencies
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