Conclusion: The LOI is legal document containing the initial agreement of both parties to complete a contemplated transaction that is non_binding in its nature. The author is not an attorney and does not purport to offer legal counsel, but only provide a general overview of the letter of intent as part of the overall M&A process. Therefore, it is strongly recommended that legal counsel be engaged and represent both the buyer and seller during the entirety of the M&A process to ensure all legal rights are protected.
If what you want is a quotation or offer, then sending a letter of intent makes you look ignorant while requesting a quotation will generally at least make you look like you know what it is that you want. And what you want, after all, is a price quote. Hence you want to request a price quote, via a request for quotation.