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In this video, attorney Brian Russ explains the concept of a Memorandum of Understanding (MOU). He describes it as a generally non-binding agreement that indicates the intent of parties to discuss or collaborate on an issue. However, he warns that labeling a document as an MOU does not automatically mean it is not a contract. It can still be binding if it contains essential contract elements such as mutual assent, offer, acceptance, consideration, and capacity. Therefore, it's crucial to carefully assess the terms of an MOU to determine its binding nature, irrespective of its title.