What is difference between MOU and MOA?

MOU is made between the parties who are intending to work together to achieve a goal or to indulge in business whereas the Memorandum of Association is a legal document prepared for the purpose of forming a company.
If you are intending to tie up with any entity to do business, then it is advisable to draft a Memorandum Of Understanding (MOU) that shall cover all the promises that parties have agreed upon. Though it does not create any rights and obligation, the Memorandum Of Understanding is legally binding and the document establishes the relationship between the parties very clearly. It is not a contract but an understanding between the parties pertaining to their economic sharing and terms on who is to do what at what time.