| 释义 |
letter of intent
(memorandum of understanding) A document that sets out the main terms of an agreement between two or more parties and their intention to enter into a binding contract once certain details have been finalized. A letter of intent is not itself a formal contract but certain of its provisions (e.g. concerning payment for any work completed) may nevertheless be enforceable. Letters of intent are widely used in the UK construction industry, where their usual purpose is to encourage a contractor to begin work on a time-sensitive project before legal formalities have been completed. Recent case law suggests that the courts are increasingly willing to find that a letter of intent constitutes a binding contract, provided that all necessary elements of a contract are present (Harvey Shop Fitters v ADI Ltd [2003] EWCA Civ 1757, [2003] 2 All ER 982; RTS Flexible Systems v Molkerei Alois Müller GmbH & Co Kg [2008] EWHC 1087 (TCC), [2008] All ER(D) 206). See also acceptance; quantum meruit; quasi-contract. |