Termination of MoU

G.Subapriya (Querist) 29 April 2016 This query is : Resolved
I signed a MoU with a bank for letting out my commercial property( which is under construction according to the specification of the bank) . The rent I signed upon which was Rs.100 per sqft(5 months back). But now the demand for the property is very high ( almost double). So I want to terminate the MoU. What should I do? Will there be any legal binding on me?note: there was no monetary transaction happened until now). What reason can I give them other than rent?

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P. Venu (Expert) 29 April 2016
Honouring a promise is the foundation for a healthy society and it is the quality that marks a responsible citizen.

Rajendra K Goyal (Expert) 29 April 2016
The terms of the MOU has to be referred, show the document to local lawyer and discuss.

Rajendra K Goyal (Expert) 29 April 2016
Repeated query:

http://www.lawyersclubindia.com/experts/Termination-of-MoU-596306.asp#.VyNWo4R97IU

Dr J C Vashista (Expert) 02 May 2016
No reply for repeated query.
Consult a local lawyer for further clarification, doubts and/or proceedings.

T. Kalaiselvan, Advocate (Expert) 05 May 2016
The termination of MOU made earlier for the hike in the present market value is not at all justified, suppose there was no development or increase till this date you would have gone by your commitment(?)
Justify judicially before making any decision on this as proposed by you.

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