Question: In a non-binding agreement, are the part

Question: In a non-binding agreement, are the parties OBLIGATED in any way to honor the terms of the non-binding agreement ? I remember in my Series 7 days that option contracts allow the user the 'right' to purchase or sell a security but are not 'obligations' to purchase/sell. So...are there 'obligations' in a non-binding agreement or is it up to the parties to decide / agree whether or not to execute the terms?
Sorry for the wordiness.....