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In this tutorial, attorney Brian Russ discusses the concept of a Memorandum of Understanding (MOU). He explains that MOUs are generally intended as non-binding agreements that reflect the intention of the parties to engage in discussions or collaborations. However, he warns against the misconception that labeling an agreement as an MOU automatically makes it non-binding. Bryan emphasizes that an MOU can still constitute a binding contract if it fulfills the essential elements of a contract, such as mutual assent, offer, acceptance, consideration, and capacity. Therefore, the mere title does not determine its legal status, and caution is advised when relying solely on the label.
