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6. (20 Points, Total, for this Question) - Describe/define a Letter of Intent (LOI), and explain why an LOI is not a contract and why

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6. (20 Points, Total, for this Question) - Describe/define a Letter of Intent (LOI), and explain why an LOI is not a contract and why it fails to provide the negotiating parties with any legally binding terms. [HINT: You may answer this Question fully with one or two sentences of description/definition and two to four sentences of explanation.]

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