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In this tutorial, attorney Brian Russ explains the concept of a Memorandum of Understanding (MOU). He clarifies that while MOUs are typically considered non-binding agreements that outline the intent of parties to discuss or collaborate on a matter, they can still be legally binding if they include all essential elements of a contract, such as mutual assent, offer and acceptance, consideration, and capacity. Russ warns against the misconception that labeling a document as an MOU automatically exempts it from being a contract; the actual contents and agreement principles are what matter. He recommends understanding the implications of MOUs carefully.