MOU is a non-binding agreement between parties expressing common action intentions. More formal alternative to gentlemen's agreement. Used when parties cannot create legally enforceable agreements
Performance bond guarantees project completion by contractors. First appeared around 2,750 BC, Romans developed surety laws in 150 AD. Used as collateral for futures contracts as margin
Novation means replacing or adding obligations in contracts. Term derives from Roman law, used by Henry de Bracton in 13th century. In international law, it refers to acquiring territory through gradual transformation
NDA is a legal contract protecting confidential information between parties. Common in doctor-patient, attorney-client, and bank-client relationships. Cannot be enforced if contracted activities are illegal
An assignee receives property, title, or rights from another party. Assignees can be recipients of assignments, liabilities, or appointed representatives. Not all assignment contracts require formal documentation
NDA is a legally binding contract protecting confidential information between parties. Protects sensitive, technical, commercial, valuable, and proprietary information. Can be used for business, personal reasons, or product development