Letters of intent may be advanced in the world of commercial real estate. In some specific domestic markets (for example in principal to principal deals between upstream Petroleum traders and producers in the same country, or certain Joint venture projects) they may be found. But there is no underlying and supported standard international application for the Letter of Intent.
So let's look at a few misconceptions. Often in understanding International Business you have to unlearn many things first, much of the information out there particularly is inaccurate or worse dangerously ambiguous.