Hire purchase agreements are agreements whereby an owner of goods allows a person (the hirer), to hire goods from him for a period of time by paying instalments. The hirer has an option to buy the goods at the end of the agreement if all instalments are being paid. It determines the rights and responsibility of parties and binds the party.
A shareholders' agreement is a contract that structures the relationship between the shareholders of a corporation. It is an invaluable resource for any corporation, as it provides the foundation for how the owners of the corporation interact with each other and with the directors of the company. It determines the relationships amongst the shareholders and those between the shareholders and it is a constitutional documents of the company.
A joint venture (JV) is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. It determines the rights and obligation of both the parties and binds both the parties.
A memorandum of understanding (MOU) is a formal agreement between two or more parties. It expresses mutual agreement on an issue between the parties. It is used to determine the intention of the transacting parties before a deal is signed between them. MOUs are not legally enforceable, but are viewed as serious document by the law. MOUs are often the first stage in the formation of a contract.
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