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Strictly speaking, parties have freedom in defining and creating an MoU depending on their commercial understanding and proposed business structure. The broad framework governing such Mou's, i.e. the law of contracts would depend on various factors, such as the location where the parties intend to commence business. The substantive framework would depend on the industry and sector in which the parties intend to operate the business and the nature and type of arrangement between them.
These are highly subjective aspects driven by commercial considerations and convenience to the parties, all of which would need to be assessed to provide a more comprehensive feedback.