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A letter of intent (LOI) is a document that outlines the terms of a future agreement, typically created before a formal contract is signed. It often specifies a date for executing the contract and can be either legally binding or non-binding. Non-binding LOIs are good faith commitments, although they are not legally enforceable. These documents can be useful in various contexts such as real estate transactions, business dealings, lawsuits, and immigration proceedings. To learn more about creating your own letter of intent, check the resources linked in the video description.