The key points most commonly compiled in an LOI include: type of acquisition (stock or asset), detailed list of assets (and liabilities) to be acquired, purchase price, payment method, contingencies, data required to complete due diligence, and target dates for contract signing and closing. At its most basic level, the LOI says that, as long as certain criteria specified in the LOI is as represented by the seller, the buyer will purchase the company consistent with the terms outlined in the LOI.
However, a sample may be required in other formal organizations. For example, a school may require the letter during the formation of a new group or club. It is also important for students wishing to join certain colleges for they can write the letter to show which college they intend to join. Students applying for positions in certain schools can also write the letter as they apply.