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Attorney Brian Russ discusses the concept of a Memorandum of Understanding (MOU) in a 60-second law tutorial. He explains that MOUs are generally intended as non-binding agreements that express the intent of parties to engage in discussions or collaborations. However, he cautions that simply labeling a document as an MOU doesn’t automatically exempt it from being a contract. An MOU can still be legally binding if it meets the essential elements of a contract, including mutual assent, offer, acceptance, consideration, and capacity. Therefore, it’s important to understand the implications of an MOU, as it may still create binding obligations.
