As a business “deal” is coming together, the parties often wrestle over whether to start the documentation with a “letter of intent” (LOI) or simply proceed to the actual contracts. While different situations demand different answers to that question, here are some important considerations with respect to what may work best for you.
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Kentucky Basketball and Letters of Intent
By Robert Sullivan on
Posted in Business Litigation
The current dispute involving the University of Kentucky and its former men’s basketball coach, Billy Gillispie, is an example of a not so uncommon problem with informal agreements. In general, “agreements to agree” (aka “letters of intent” or “agreements in principle) are not binding contracts under Wisconsin law. Instead, they are tools used to clarify…