An informal record, in the form of a brief written note or outline, of a particular legal transaction or document for the purpose of aiding the parties in remembering particular points or for future reference.
A memorandum may be used in court to prove that a particular contract was made. For instance, in a real estate transaction, a memorandum can be used to show that the parties to a sale have entered into an agreement to sell a particular parcel at an indicated price, in addition to other details of the agreement. This type of memorandum is also referred to as a binder.
An attorney might use a memorandum to explain and summarize a specific point of...