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In this video, attorney Brian Russ discusses the concept of a Memorandum of Understanding (MOU). He explains that MOUs are generally intended as non-binding agreements that signify the intent of parties to engage in discussions or collaborate on a project. However, he cautions that just because a document is labeled as an MOU does not guarantee it is non-binding; it can still be a legally binding contract if it meets the necessary elements, such as mutual assent, offer, acceptance, consideration, and capacity. Russ recommends being cautious with MOUs, as they may hold more legal weight than one might assume.
