Is a memorandum of understanding binding?
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Is a memorandum of understanding binding?
If I signed a MOU with someone and I want to back out of it, and if this is the only piece of written information, do I have to worry about being sued for breach? And no, the document is not notarized.
Asked on December 1, 2011 under Business Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Notarization is irrelevant--a contract or agreement does not need to be notarized to be enforceable. It also doesn't matter what the agreement is called--e.g. whether it was called a memorandum or understanding or otherwise. All that matters are 1) what are the terms of the agreement; and 2) did both/all parties to it accept and agree to those terms?
For a definitive answer, therefore, you need to bring it to an attorney who can review it and the surrounding circumstances in detail. Good luck.
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