Moral of the story? If you're ever contemplating using a Letter of Intent in a business transaction, you had better watched out, it may not be as simple a matter as you might think. You better be very cautious, for it could result in unforeseen and unpredictable consequences!
A fundamental flaw of the LOI, lies in what Vasilios J. Kalogredis, a Wayne, Pennsylvania attorney, calls "the uncertainty and potential risk of any such undertaking." Kalogredisis, a business contract law expert, explains it this way: