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In this 60-second video, attorney Brian Russ discusses Memorandums of Understanding (MOUs). He explains that MOUs are typically intended as non-binding agreements that reflect the parties' intent to collaborate or discuss potential projects. However, he warns that labeling a document as an MOU does not inherently mean it cannot be a binding contract. If the document contains the essential elements of a contract—such as mutual assent, offer, acceptance, consideration, and capacity—it may still be enforceable. Therefore, Russ advises caution when using MOUs and recommends ensuring clarity around their binding nature.