All of the following statements are true about letters of intent except for
A) Are always legally binding
B) Spells out the initial areas of agreement between the buyer and seller
C) Defines the responsibilities and rights of the buyer and seller while the letter of intent is in force
D) Includes an expiration date
E) Includes a "no shop" provision

Question

Quizplus · Accepted Answer

Letters of intent are not always legally binding, as they are generally considered to be a preliminary agreement or expression of intention to enter into a binding contract. The other statements are generally true about letters of intent.

All of the Following Statements Are True About Letters of Intent