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.
LOI is a Legally Worthless Document That Means Virtually Nothing As a practical matter, in legal terms, the Letter of Intent is a worthless and meaningless document. The LOI is a badly flawed legal document. This is because the document is, as one experienced contract law expert put it, "an agreement to agree which is non_binding and non_enforceable as a contract."