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| Memorandum of Understanding
https://www.rypn.org/forums/viewtopic.php?f=1&t=1148 |
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| Author: | Gerald Kopiasz [ Fri Apr 14, 2000 4:19 pm ] |
| Post subject: | Memorandum of Understanding |
I was pondering something. How binding is a memorandum of understand? Here's a scenario: Say an organization wanted a donor to confirm that he/she will keep true to the proposal (within reason, of course). Would a memorandum of understanding have the power of enforcement? Are there more better/suitable channels?<p>Thanks,<br>Gerald Kopiasz, President<br>Heartland Railroad Historical Society<br> hrrhs@aol.com |
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| Author: | Bernie [ Fri Apr 14, 2000 10:26 pm ] |
| Post subject: | Re: Memorandum of Understanding |
If I recall correctly for my basic business law, promises of gratutitous transfers do not have an essential element of a contract-consideration or exchange of value and therefore are unenforceable @ law.<p>Let me advise further, PLEASE consult a competent attorney whenever you seek to have legal documentation drawn up or to have something interpreted. You can save a lot of problems later...It is not cost effective to skip the atty. Better to pay the lawyer now, rather than the lawyer and the judge later!<p>Plus, if you have a valid 501c3 determination letter, you might get the legal fees pro bono. <p><br> |
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| Author: | Gerald Kopiasz [ Sat Apr 15, 2000 12:34 am ] |
| Post subject: | Re: Memorandum of Understanding |
Thanks for the reply. An attorney is definately on our list. I however, like to hear any experiences that you folks may have been through.<p>Thanks,<br>Gerald Kopiasz, President<br>Heartland Railroad Historical Society<br> hrrhs@aol.com |
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| Author: | Kevin McCabe [ Sat Apr 15, 2000 8:03 am ] |
| Post subject: | Re: Memorandum of Understanding |
It depends entirely on the wording as to whether it is enforceable or not. The mere title of "memorandum of understanding" is meaningless, as a contract can be called anything at all. If the document has the elements of a contract, then it can be enforced as a contract (so long as not contrary to public policy or various other exceptions).<p>I strongly, STRONGLY urge you to make certain that you have counsel look over every significant contract or agreement (and I do NOT say that just to drum up business for my fellow shysters). I have seen some real horror stories out there where that step was skipped, to the great detriment of the involved organizations down the road. (The worst--dealing with movie companies without a written contract).<p>I'd also suggest that you get someone with some railroad background, as well as experience with non-profit groups. This is a rather peculiar industry, with some odd twists, and it helps to find someone who speaks the lingo.<br> Kevinmccabe@avenew.com |
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