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In this video, attorney Brian Russ explains the concept of a Memorandum of Understanding (MOU). He clarifies that MOUs are generally considered non-binding agreements that indicate the intent of the parties to discuss collaboration. However, he warns against the misconception that labeling a document as an MOU automatically means it is not a contract. If the document contains essential elements of a contract—such as mutual assent, offer and acceptance, consideration, and capacity—it may still be legally binding. Therefore, he advises caution when interpreting the nature of MOUs and recommends a careful review of their content.