A letter of intent is a nonbinding document stating that a business buyer and a seller have reached a sufficient "meeting of the minds" to justify the time and the expense of negotiating a final agreement.

Question

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A letter of intent outlines the key terms of a potential deal between a buyer and a seller, and while it is not legally binding, it demonstrates a serious intention to move forward with negotiations.

A Letter of Intent Is a Nonbinding Document Stating That