What is a letter of intent?
An example of an AI chatbot conversation about letters of intent and their purpose.
What is a letter of intent?
A letter of intent is a document outlining the intentions of one party to engage in a business transaction with another.
What is its purpose?
Its purpose is to clarify the terms of a potential agreement and express commitment before finalizing a contract.
Is it legally binding?
It can be, but it often depends on the language used in the letter and the intentions of the parties involved.
Can you give me an example?
Sure! An example would be a letter from a buyer to a seller expressing interest in purchasing a property, outlining key terms.
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