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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 intended as non-binding agreements that signify the parties’ intentions to discuss or collaborate on a matter. However, he cautions that simply labeling a document as an MOU does not inherently make it a non-binding contract. If the document contains the essential elements of a contract—such as mutual assent, offer and acceptance, consideration, and capacity—it may still be deemed a binding contract. Russ recommends being cautious and understanding the implications of an MOU.