Question

Bob needs to create an agreement between his company and a third-party organization that demonstrates a "convergence of will" between the parties so that they can work together. Which type of agreement will Bob use?

Answer 1

Answer: Memorandum Of Understanding (MOU)

Explanation: A memorandum of understanding may be explained as a binding document between two or more parties usually employed to showcase an agreement in action, decision or intent of the parties involved. The memorandum of Understanding may be adopted to serve as a commitment to partner between two or more parties where the parties prefer to adopt a gentle or leave out legal procedure in their agreement deal.

In the scenario above, Bob will have to create a Memorandum of Understanding which will be signed by Bob's company and the third party to signify a convergence of will between them.