Using Letters of Intent in CRE Transactions
0 of 3 questions completed
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading…
You must sign in or sign up to start the quiz.
Time has elapsed
You have reached 0 of 0 point(s), (0)
Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)
To make sure that you have a deal, a letter of intent (“LOI”) should always be drafted so as to be binding.
As long as an LOI includes the word “Non-Binding” in its title, there is no need to include a provision dealing with the non-binding nature of the LOI in the document itself.
One defense to a party’s allegation that an LOI is legally binding is that the LOI did not contain all of the essential terms needed for a legally-binding contract.