A letter of intent summarizes progress made during business negotiations,but more importantly,it creates a binding contract.

Question

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A letter of intent is not typically considered a binding contract, but rather a statement of intention or commitment to continue negotiations towards a final agreement. However, depending on the specific language used in the letter and the circumstances surrounding the negotiations, it is possible for a letter of intent to be legally binding.

A Letter of Intent Summarizes Progress Made During Business Negotiations,but