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In this video, attorney Brian Russ discusses Memorandums of Understanding (MOUs). He explains that while MOUs are generally considered non-binding agreements that indicate the intent of parties to discuss collaboration, they can still be legally binding contracts if they meet essential contract elements. These elements include mutual assent, offer, acceptance, consideration, and capacity. Therefore, simply labeling a document as an MOU does not exempt it from being recognized as a contract. Brian recommends careful consideration of the language and terms used in such documents to avoid confusion about their legal status.