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A letter of intent (LOI) is a document that outlines the terms of a future agreement, created before the parties enter into a contract. It typically specifies a date for executing the offer contract. LOIs can be legally binding or non-binding; non-binding letters, while not legally enforceable, demonstrate a good faith commitment to a future agreement. This document is useful in various contexts, including real estate, business transactions, lawsuits, and immigration proceedings. The video tutorial provides insights into creating a letter of intent and includes links for further exploration.
