![]() If a contract says that one organization will pay another for "collaboration and support " on a program, that may not be specific enough to be enforceable. In addition, the terms of the contract have to be clear enough so that a court can enforce it. ![]() without something being offered in exchange for something else. In legal terms, a contract isn't enforceable without consideration, i.e. If there's an agreement to provide something in return for something else, it's considered a contract. ![]() In its simplest terms, it is a statement of an agreement between or among two or more parties that involves an "exchange of value." There may be money involved, or there may be an exchange of goods, services, space, or some other commodity. ContractĪs stated above, a contract is a legal document. We'll briefly examine each in turn, and look as well at places where the differences between them blur. The greatest difference between a contract and a memorandum of agreement is that a contract is a legal document and is enforceable in court, whereas a memorandum of agreement is neither. What are contracts and memoranda of agreement? This section will help you to read, understand, and draft contracts and memorandas of agreement, the two kinds of documents that most organizations require in their relationships with others.
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