The lawyers add that: "This is the legal problem with a Letter of Intent _ you can't legally state you agree to something and then state that you don't in the same document." Famous Case of a Letter of Intent Gone Bad: Court Case of GETTY OIL vs. PENNZOIL
Few traders and brokers realize that the Letter of Intent is not a standard document in International Trade. When "LOI" is used, it actually refers to the Letter of Indemnity. This is standard usage of the term and has been for decades. The Letter of Intent (hereafter referred to as LOI) is often used in specific domestic trades, such as in real estate or corporate mergers, but it has no standard usage in International Trade itself.