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The long and short of the story, is that the court, after scrutinizing not only the Memorandum, but also the wordings of the press releases and other documents that Getty Oil and Pennzoil had issued over the course of their dealings, found Getty Oil to be "in breach" of the Memorandum of Agreement _ the document the parties had viewed as a letter of intent. Thus, a document (the letter of intent) that the parties had started out viewing as non_binding and unenforceable, had changed from being that, to being a final agreement! Pennzoil, on the other hand, ended up with บǒ billion (later settled for ū billion) from Texaco for interfering in its deal with Getty Oil.

So you see, the response requested is indicated in the very form and name of the document itself. The Letter of Intent has no established place in International trade law. Where they are used _ rarely _ is in some small niche internal markets and trades. The RFQ, Request for Quotation, a standard protocol in the business world, is what most brokers actually want when they err in using an LOI.

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