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Attorney Brian Russ explains that a memorandum of understanding (MOU) is generally a non-binding agreement that outlines the intent of parties to discuss collaboration. However, he warns that simply labeling an agreement as an MOU does not inherently make it non-binding. An MOU can still function as a contract if it contains the necessary elements of a contract, such as mutual assent, offer and acceptance, consideration, and capacity. Therefore, it's essential to evaluate the contents of the document rather than just its title; an MOU could potentially be a binding contract despite its designation.