Brickwall
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That would depend on whether TV rights etc. have already been sold, sponsorship decisions, and so on. MOU in cricket may not mean the same as in the business world. Anyone who knows what happened in the West Indies case where BCCI claimed compensation for the cancelled series will be better able to inform us.
Compensation was claimed because West Indies abandoned the series in middle,in this agreement was negated.
Even if its agreement ,BCCI knows any series with Pakistan require government approval, knowing BCCI to be smart cookies there will be clause on condition of approval from government.
After the ICC gave up control of the FTP, these MoUs is all the two boards do to seal future series. So this is as legal as it's gonna get.
Still it will have clause calling fro government approval, so BCCI is not backing out of MOU.