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A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement , term sheet or memorandum of understanding .
English-Filipino legal dictionary. Quezon City, Philippines: Sentro ng Wikang Filipino, University of the Philippines, 1995. Theo B. Rood. Glossarium: A compilation of Latin words and phrases generally used in law with English translations. Bryanston, South Africa: Proctrust Publications, 2003. Jan Scholtemeijer & Paul Hasse.
The stronger version, the letter of comfort, indicates the parent organization's intention to support the subsidiary. [5] In the United States, there is a general presumption against the enforceability of letters of comfort. However, depending on the wording of the document, there may be legal liability under the rule of reliance. [6]
A set of heads of agreement, heads of terms, or letter of intent is a non-binding document outlining the main issues relevant to a tentative sale, partnership, or other agreement. [ 1 ] A heads of agreement document will only be enforceable when it is adopted into a parent contract and is subsequently agreed upon, unless otherwise stated.
The 1st century letter of Saint Paul to the Corinthians (specifically 2 Corinthians 3:6) refers to the spirit and letter of the law. Though it is not quoted directly, the principle is applied using the words "spirit" and "letter" in context with the legalistic view of the Hebrew Bible. This is the first recorded use of the phrase.
The first edition was published in 1891 by West Publishing, with the full title A Dictionary of Law: containing definitions of the terms and phrases of American and English jurisprudence, ancient and modern, including the principal terms of international constitutional and commercial law, with a collection of legal maxims and numerous select titles from the civil law and other foreign systems.
The following pages contain lists of legal terms: List of Latin legal terms; List of legal abbreviations; List of legal abbreviations (canon law) on Wiktionary: Appendix: English legal terms; Appendix: Glossary of legal terms
Term sheets are very similar to "letters of intent" (LOI) in that they are both preliminary, mostly non-binding documents meant to record two or more parties' intentions to enter into a future agreement based on specified (but incomplete or preliminary) terms. The difference between the two is slight and mostly a matter of style: an LOI is ...