Answer : (1)- Memorandum of Understanding- is a formal agreement between two or more parties. Companies and organizations can use MoUs to establish official partnerships.
MoUs are not legally binding but can be termed as the first steps towards a legal contract.
MoUs are popular in multinational international relations because, unlike treaties, they take a short time to ratify and can be kept confidential.
MoUs may also be used to modify existing treaties.