So let's look at a few misconceptions. Often in understanding International Business you have to unlearn many things first, much of the information out there particularly is inaccurate or worse dangerously ambiguous.
LOI is a Legally Worthless Document That Means Virtually Nothing As a practical matter, in legal terms, the Letter of Intent is a worthless and meaningless document. The LOI is a badly flawed legal document. This is because the document is, as one experienced contract law expert put it, "an agreement to agree which is non_binding and non_enforceable as a contract."