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Replace Symbols from the Memorandum Of Understanding

Replace Symbols from the Memorandum Of Understanding

Aug 6th, 2022

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How to Replace Symbols from the Memorandum Of Understanding

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In this brief tutorial, attorney Brian Russ explains the concept of a Memorandum of Understanding (MOU), emphasizing that it is generally intended to be a non-binding agreement expressing the parties' intent to discuss collaboration. He cautions that simply labeling a document as an MOU does not inherently make it a non-contractual agreement. The essential elements of a contract—mutual assent, offer, acceptance, consideration, and capacity—can still apply, meaning an MOU could end up being a binding contract. Russ advises that careful consideration should be given to the terms included in an MOU.

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