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A letter of intent (LOI) is a document that outlines the terms of a future agreement, typically created before entering a formal contract. It specifies a deadline for executing the contract and can be either legally binding or non-binding. Non-binding LOIs indicate a good faith commitment to negotiate a formal agreement later but are not enforceable. Letters of intent are useful in various contexts, including real estate, business transactions, lawsuits, and immigration proceedings. For more details and examples, viewers are encouraged to check the links provided in the video description.
