The ________ is a firm commitment by both sides that they are ready to move toward closing the sale of the business.
A)due diligence process
B)sale deed
C)loan covenant
D)letter of intent

Question

Quizplus · Accepted Answer

The letter of intent is a document that outlines the terms and conditions of a potential sale agreement between a buyer and a seller. It is a formal declaration of the buyer's intention to purchase the seller's business, and it usually contains key elements of the deal such as the purchase price, payment terms, and conditions of the sale. This document serves as a crucial first step in the process of finalizing the sale of a business as it sets the stage for due diligence and the eventual drafting of the sale deed.

The ________ Is a Firm Commitment by Both Sides That