letter of intent
Pre-contract agreement document
A letter of intent is a document expressing a party's serious intention to enter into an agreement, typically preceding a formal contract.
It outlines preliminary terms and demonstrates commitment while negotiations continue: We signed a letter of intent to purchase the property.
Letters of intent are common in business acquisitions, real estate deals, and academic admissions.
They may or may not be legally binding depending on their language.
- memorandumFormal internal correspondence
- good faithSincere, honest intent
- due diligencePre-transaction reasonable care
- memoBrief internal message
- agreement in principleConsent on fundamentals, not specifics
missive · binding promise · written communication · contract negotiation · merger talks · note · invitation · nonbinding · expression of interest · settlement agreement · acknowledgment · contractual obligations · signing · acquisition · real estate transaction · closing date · earnest · commitment
- agreementshandshake, contract, nod, accords, verbal consent
- Dealmakingdeal, negotiator, bargaining, offer, counteroffer
- declarationsdeclaration, declarations, proclamation, proclamations, announcement
- negotiationsbargaining, offer, counteroffer, counter offer, compromise
- proposalsproposal, RFP, business proposal, grant proposal, research proposal
- submissionssubmit, application, entry, request, synopsis
letter of intentbinding agreement
Enforceable mutual commitment
binding contract · formal contract · purchase agreement · employment contract · lease agreement
letter of intentrejection letter
Written refusal notice
termination letter · cancellation notice · termination notice · refusal
letter of intentverbal agreement
Spoken mutual commitment
handshake deal · gentleman's agreement · tacit understanding