Memorandum of Understanding (MOU)
Non-binding agreement outlining the terms and details of an understanding.
Detailed Explanation
A Memorandum of Understanding (MOU) is a type of agreement between two or more parties. It expresses a convergence of will between the parties, indicating an intended common line of action. It is often used either in cases where parties do not imply a legal commitment or in situations where the parties cannot create a legally enforceable agreement.