You may have heard of these things called letters of intent (LOI). Someone may have sent one to you.

What are you suppose to do with it? What is it? Why they are sending it to you? Are you entering into a contract without knowing it?

Don’t worry. A LOI is not a contract, at least not by itself. And it is rare that your silence or inaction will create a binding contract (although there are a few limited cases such as sending out a reward poster, but I digress as it is not relevant here).

So, if a LO...