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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 to be non-binding agreements that signify the intent of parties to discuss collaboration. However, he warns that just because a document is labeled an MOU, it does not guarantee that it is not a contract. An MOU can still be binding if it includes the essential elements of a contract, such as mutual assent, offer, acceptance, consideration, and capacity. Therefore, it is crucial to evaluate the content of the document rather than its title when determining its legal enforceability.