Deadlines _ How much time is the buyer requesting to complete the due diligence process and what is the proposed closing date? The buyer may also place a time limit (usually a week) on the seller to accept or decline the LOI itself.
Lawyers at the Coollawyer.com, explain the legal "paradox" inherent in the LOI, wherein the signing of an LOI, is often prone, not to bringing about less litigation, but more litigation, and put it this way: "Letters of Intent, legally, are the worst of all worlds. Writing a letter of intent is not to be taken lightly. In law, you either have a contract or you don't.