Are you in business? Before entering into a Letter of Intent (LOI), be sure to consult with legal counsel and make sure your counsel is aware of Landan et. al. v. Wal-Mart Real Estate Business Trust, et. al. (No. 2:12cv 926, W.D. Pa. Aug 5, 2012, where the court ruled that Wal-Mart’s representatives’ repeated assurances that
they intended to sign a lease, the extensive negotiations
after a Letter of Intent (LOI) that said it’s terms were not binding, and the plaintiff’s expenses in seeking the lease were enough to create a binding contract, even though no final lease had been signed. 

Practice tip: Make sure your LOI specifies what is needed to make a final and binding deal. If you need information on LOI drafting, contact me. If interested in retaining my legal services as this year ends and as we go into 2014, remember that a retainer paid before the end of the year is deductible for 2013!