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In this segment, attorney Brian Russ discusses Memoranda of Understanding (MOUs), explaining that they are typically regarded as non-binding agreements that signify the intent of parties to engage in discussions or collaborations. However, he cautions that people often mistakenly believe that labeling an agreement as an MOU definitively renders it non-binding. He emphasizes that if an MOU contains the essential elements of a contract—such as mutual assent, offer, acceptance, and consideration—it can indeed be enforceable. Therefore, irrespective of its title, an MOU may function as a binding contract. He concludes by suggesting careful consideration when drafting such documents.