But intentions are not binding contractual conditions. Nor need they lead up to binding contractual conditions. Moreover a letter expressing intent, in its form, does not adequately suggest what the appropriate response should be. Whereas a Request for Quotation / RFQ quite literally is a Request..
LOI's are the legal equivalent of "almost pregnant." Letters of Intent emphatically state that. They state that they are not formal agreements, and then often proceed to set forth agreed terms of the proposed transaction. Given this paradox, if the deal goes sour, one party can argue [in court] that those agreed_upon points were, in fact, agreed upon _ or, in fact, a binding contract. And, in some cases, furthermore, that the party relied on the LOI and has monetary damages based on such reliance."