The parties had negotiated in detail the clauses which comprised the terms as amended and as such the clauses had been essentially agreed and varied. This case highlights the dangers inherent in starting work before a formal written contract is in place and such letters of intent should always be treated with caution. However, if a letter of intent is inevitable, this should: Clearly specify those contract terms that have been agreed and those that remain outstanding, so that there is no uncertainty over what has or has not been agreed between the parties; and
Secret: Time is NEVER on your side when you are buying. Never forget that. Keep in mind that if you are looking to explore the viability of a purchase, a good starting point is the LOI. Once you get beyond the "overview" of what you and the seller are looking for, detail everything out in the purchase contract, and keep all of the above in mind when doing so.