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In this tutorial, attorney Brian Russ explains the concept of a Memorandum of Understanding (MOU). He describes an MOU as a non-binding agreement that reflects the intent of the parties to engage in discussions or collaborations. However, he cautions that simply labeling a document as an MOU does not exempt it from being a binding contract. An MOU can still fulfill the essential elements of a contract—mutual assent, offer, acceptance, consideration, and capacity—making it enforceable. Therefore, it's important to approach MOUs with the understanding that they may have legal implications despite their typical non-binding characterization.
