Among Internet based brokers and agents the LOI is commonly advanced as a leading inquiry document. This protocol is utterly incorrect, and misuse of the LOI is often seen by experienced Exporters as a mark of an amateur. Letters of Intent are not standard international business documents, though they do legitimately pop up rarely, much less often than most brokers believe.
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