LOI is a Legally Worthless Document That Means Virtually Nothing _ As a practical matter, in legal terms, the Letter of Intent is a worthless and meaningless document. The LOI is a badly flawed legal document. This is because the document is, as one experienced contract law expert put it, "an agreement to agree which is non_binding and non_enforceable as a contract."
So let's sum things up: The LOI and similar documentary terms, are non standard, confusing, and lead to ambiguity. Documentary ambiguity is referred to in trade law as a condition "The Battle of the Forms" in which confusion from contradictory and ambiguous forms and documents damages the transaction. This should be avoided. To seasoned corporate traders and bankers, using terms like "Letter of Intent" is the mark of amateurs. What you properly want is an RFQ, request for quotation, from a seller or supplier. The seller may then reply to your RFQ with a quote OR full offer if they wish.