mou legal or illegal

Querist : Anonymous (Querist) 16 December 2009 This query is : Resolved
whether mou is legal or not in mharashtra. If a mou is signed between seller and purchaser and purchaser gives some amount of the total agreed amount to the seller. If purchaser fails to pay the remaining amount then can seller take any action against him. can he retain the amount already paid. Aslo meanwhile if the purhaser enters into agreement with the same property with another purchaser then what can original seller do?

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A V Vishal (Expert) 16 December 2009
Memorandum of Understanding is nothing but the common agreement & understanding between the contracting parties before entering into an contract. It paves the way to a contract and is not a contract itself. For enforceability in the court of law, it lacks consideration. Being reduced into writing it can be always called by court to know background of a contract. Further if the contract followed by a MOU itself forms the MOU a part of the contract, it gains legal sanctity and becomes enforceable in the court of law.

N RAMESH. (Expert) 16 December 2009
//whether mou is legal or not in Maharashtra//
As rightly said by Mr.Vishal, MoU is another form of agreement and is valid.

//If purchaser fails to pay the remaining amount then can seller take any action against him. can he retain the amount already paid.//
The retention of amount and the action to be taken are all depends on the terms of agreement.

//Aslo meanwhile if the purhaser enters into agreement with the same property with another purchaser then what can original seller do?//

Original seller is concerned only with the purchaser.

You can file suit for specific performance to force the purchaser to take the property else you can terminate the agreement by issuing a notice, subject to the provisions of agreement.

aman kumar (Expert) 16 December 2009
agree with n ramesh

Ajay Bansal (Expert) 16 December 2009
Your quaries are depend on terms and condition of the agreement.Kindly publish a copy of agreement with your quaries.

M/s. Y-not legal services (Expert) 06 December 2010
Yes. Its depends upon the terms and conditions.. Also its depends upon the purpose of the contract

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