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A Memorandum of Understanding (MOU) is a formal agreement between two or more parties. Companies and organizations can use MOUs to establish official partnerships.
An MOU helps the parties to clear the arrangements so as to speed up the process of negotiation in relation to the agreement. It is not intended to be a legally binding document. If you want a legally binding document then an MOU is not appropriate.
Agreement is any document which is enforceable by Law. You can have substantial rights in Agreement and not in MOU. MOU is a legal document describing a bilateral agreement between parties.