In many circumstances the reason for disclosing the information is because the other party has the strength and ability to take the idea forward; the missing piece of the puzzle is the actual business concept. Business concept owners are often fearful that by disclosing information to a second party will result in that party taking the idea and developing it to commercial realty without them.
Which is Better: An Offer to Purchase or Letter of Intent? First, let's define the two, then I'll discuss when to use a Letter of Intent. 1. Purchase Offer, or Purchase Agreement _ A legal document that describes the price, terms, contingencies, and other details of how a buyer would be willing to purchase a piece of real estate. 2. Letter of Intent (LOI) _ A preliminary document outlining the price, terms, and other transaction details that a buyer would be be interested in purchasing a piece of real estate.