The Latin sentence 'Memo dat quod non habat' contains two misspellings. One is the word 'memo', which needs to be written as 'nemo'. The other is the verb 'habat', which needs to be written as 'habet'. The corrected phrase therefore is the following: 'Nemo dat quod non habet'. The word-by-word translation is as follows: 'nemo' means 'nobody'; 'dat' means [he/she/it] gives'; 'quod' means 'what'; 'non' means 'not'; and 'habet' means '[he/she/it] has'. The English meaning therefore is the following: Nobody gives what he/she doesn't have.