Both a letter of intent and a memorandum of understanding establish business agreements. Neither term has a strict definition, so they are sometimes used interchangeably.

Once a buyer and seller have agreed upon the basic terms of a business sale, the buyer normally sends the seller a letter of intent to purchase a business. Letters of intent (LOIs) serve to formalize ...

A letter of intent is a formal cover letter that's required for some graduate school applications. It's an overview of your goals in applying to graduate school. It provides some context for your ...