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
The LOI as it is now used is a misunderstood application of poorly informed brokers and traders. A more proper application based on established custom and practice in International trade, going back even to the old medieval "Law Merchant" (Lex Mercantilis) is: Buyer requests a quotation _ in modern usage this is an RFQ/Request For Quotation _ NOT an LOI. Seller may then reply with a Quote. Buyer confirms receipt of quoted prices, and requests an Offer.