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.
A retainer agreement is a work for hire contract. It falls between a one-time contract and full-time employment. Its distinguishing feature is that the employer pays in advance for work to be specified later. It determines the terms and condition of retainer and the client.
Formal contract by which a seller agrees to sell and a buyer agrees to buy, under certain terms and conditions spelled out in writing in the document signed by both parties. An invoice, for example, is a contract of sale. Determines the terms of sale between buyer and seller.
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