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Letter of Intent

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I was wondering is a letter of intent the same as a contract?


Senior Member
<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by patel1:
I was wondering is a letter of intent the same as a contract?<HR></BLOCKQUOTE>

A "letter of intent" is often used in real estate transactions but the term has no inherent legal significance. In practice, "letter of intent" generally refers to a writing documenting the parties' preliminary understanding of desire to enter into a future contract. The purpose is not to bind the parties to their ultimate contractual obligations but simply to provide the framework (the basic "deal points") from which they will negotiate toward a binding contract; or to provide a guideline to assist the parties in preparing a binding agreement.


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