Letters of Intent are pre-contractual documents establishing basic terms which the parties intend to incorporate into a definitive agreement; in other words, they are “agreements to agree.”
They are used in many major business transactions, including the purchase or sale of a company, commercial real estate purchases, lease agreements, and several other categories of agreements.
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Make sure you have “people” when filling out legal forms
During tax season there was a commercial in which a woman was critical of her husband for using purchased computer software to prepare their tax return. When her husband stated that he was “stuck,” she said, “Let’s ask the box.” The point was that the user of the software did not have anyone to consult when he ran into problems or had questions. They did not have “people.”
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