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Letters of Intent – A Trap for the Unwary

Business owners like letters of intent (LOIs) because they offer a confirmation that the parties are serious about a proposed deal. Business lawyers hate them because they often contain traps for the unwary that may have disastrous consequences. Even if a letter of intent says that it is not a final and enforceable agreement, it may be enforceable for its terms, leaving a party with an obligation to move forward on terms that they never intended.