down and write a letter of intent to buy the empire state building and it would be, utterly non binding. Why? Because my intent can change. I intend to buy the Empire state building, but who cares what my Intent is? Many traders and Brokers treat a Letter of Intent as if it were holy writ. This is a critical beginner's mistake. As its name indicates _ this document expresses an intent.
What are the contents of the letter of intent? The letter of intent shall specify whether the purchaser will be buying up all or a substantial amount of the assets of the business and will, in addition, only acquire those liabilities that are part of the operations of the business subsequent to the closing date.