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 9 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.