President Trump is 100% correct (again). A memo of understanding is not a contract. Anon has a year of business talks with a buy-in partner, anon's writing up a memo of understanding, hope to send it out tomorrow (probably go out Tuesday, but no later).
A memo of understanding is not a contract. It is a piece of paper where things are defined between the parties:, who does what, who is responsible for what, etc.
Once the memo of understanding is signed then the parties can move to an actual contract. Engineer, not MBA anon knows that.