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A letter of intent (LOI) is a document that outlines the terms of a future agreement and is prepared before the actual contract is entered into. It typically specifies a deadline for executing the contract. LOIs can be either legally binding or non-binding; non-binding LOIs express a good faith commitment toward a future agreement but are not enforceable. This document is particularly useful in various contexts such as real estate, business transactions, lawsuits, and immigration proceedings. The video tutorial covers what a LOI is, its types, and provides examples, encouraging viewers to explore links for more in-depth information on creating their own letters of intent.
