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In this tutorial, attorney Brian Russ explains the concept of a Memorandum of Understanding (MOU), highlighting that they are generally intended to be non-binding agreements that signal the intent of parties to engage in discussions or collaborations. He cautions against the misconception that simply labeling a document as an MOU means it is not a contract. The key factors that define a binding contract, such as mutual assent, offer, acceptance, consideration, and capacity, still apply. Therefore, even if a document is titled an MOU, it can still be legally binding if it meets these contractual elements. He recommends being cautious with the classification of such documents.
