Not in a bind?

Back in 2002, the PC opposition made a Great Big Deal out of this particular provision — paragraph 2 — of the Voisey's Bay Statement of Principles:

"The Statement of Principles is not intended to and does not create any legally binding rights or obligations between the parties. The parties will use their best efforts to finalize mutually acceptable definitive agreements (the "Binding Agreements") embodying the Statement of Principles as expeditiously as possible and in any event by September 30, 2002, subject to paragraph 47."

Question: Does the Hebron MOU create any legally binding rights or obligations?

If not, were the Tories stupidly wrong or deliberately fearmongering in 2002? Or did Danny negotiate a "loophole" in 2007?

One or the other has to be true.