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A letter of intent (LOI) is a document that outlines the terms for a future agreement and is created before formalizing a contract. It typically includes a specified date for executing the contract and can be legally binding or non-binding. Non-binding LOIs are not enforceable but demonstrate a good faith commitment to pursue an agreement. Letters of intent are useful in various contexts, including real estate, business transactions, lawsuits, and immigration proceedings. The video tutorial breaks down the concept of LOIs and provides examples, encouraging viewers to explore additional resources linked in the description for crafting their own LOIs.
