Athletics: When a high school senior decides on which college he or she would like to attend and receive an athletic scholarship to do so, a letter of intent is signed. Many sports even have a national signing day to keep the playing field level.
First my disclaimer. Laws vary from state to state and do change from time to time. This information should not be construed as legal advice. When you engage in any type of real estate or legal transaction, you should seek competent legal and real estate advice from a professional.