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A letter of intent (LOI) is a document that outlines the terms of a future agreement, created before parties enter into a formal contract. It often specifies a deadline for executing the contract. LOIs can be either legally binding or non-binding; non-binding LOIs are not legally enforceable but reflect a good faith intention to form a binding agreement in the future. These documents can be useful in various contexts, including real estate transactions, business dealings, lawsuits, and immigration proceedings. For more information and examples, refer to the links provided in the video description.
