In Landan et. al. v. Wal-Mart Real Estate Business Trust, et. al. (No. 2:12cv 926, W.D. Pa. Aug 5, 2012, see http://tinyurl.com/kzudzgh), the court ruled that
Wal-Mart’s representatives’ repeated assurances that
they intended to sign a lease, the extensive negotiations
after a Letter of Intent (LOI) that said it’s terms were not binding, and the plaintiff’s expenses in seeking the lease were enough to create a binding contract, even though no final lease had been signed.
Practice tip: Make sure your LOI specifies what is needed to make a final and binding deal. If you need information on LOI drafting, contact the author at firstname.lastname@example.org.