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In this video, attorney Brian Russ discusses Memoranda of Understanding (MOUs). He explains that MOUs are generally intended as non-binding agreements that indicate the parties' intent to discuss collaboration. However, he cautions that simply labeling a document as an MOU does not exempt it from being a legally binding contract. An MOU can still fulfill the essential elements of a contract, such as mutual assent, offer, acceptance, consideration, and capacity. Therefore, it is important to be aware that the content of the agreement, rather than its title, determines its legal status.