We recently received a call from an old friend, who has been a commercial real estate broker for more than 30 years, inquiring whether letters of intent are enforceable. This was a surprising question coming from such a long-time veteran of the commercial real estate arena. On the other hand, it was not surprising as there is great confusion regarding the enforceability of letters of intent.
Letters of intent can be used in many transactions, including sales and leases, which is the topic of this article. The lessons, however, are applicable to all letters of intent.
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