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A letter of intent (LOI) is a document that outlines the terms of a future agreement, serving as a preliminary step before entering a formal contract. It usually specifies a date by which the agreement should be finalized. Letters of intent can be either legally binding or non-binding. Non-binding LOIs are not enforceable in court but demonstrate a good faith commitment to negotiate further. This document is useful in various contexts such as real estate transactions, business deals, lawsuits, and immigration proceedings. For more details and examples, check the video description for linked resources.
