Definition

Letter of Intent—the 'I'm seriously interested but not legally committed yet' document that keeps everyone guessing.

Also: laughing on the inside

Example Usage

We submitted an LOI on the commercial space before doing full due diligence.

Origin

Standard legal and business terminology

Fun Fact

Some LOIs are legally binding, others aren't—always read the fine print like your mortgage depends on it.

Source: Legal and business transaction terminology

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