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A letter of intent (LOI) is a document that outlines the terms of a future agreement, drafted before a formal contract is executed. It specifies a date for contract execution and can be either legally binding or non-binding. Non-binding LOIs, while not enforceable, signify a good faith commitment between parties to pursue a binding agreement later. Letters of intent are particularly useful in various contexts, including real estate transactions, business deals, lawsuits, and immigration proceedings. For more information and examples, viewers are encouraged to explore the links provided in the video description.
