Letters of Intent in Modern Commercial Transactions. Looking at the past to Improve the Future

Content Provider	Semantic Scholar
Author	Tironi, Elena
Copyright Year	2017
Abstract	Based on comparative approaches and case studies, this paper analyzes the system of letters of intent (LOIs), underlining their advantages and potentialities but also their controversial elements, and to make suggestions to improve the future of this legal instrument. In particular, it deals with the problem of defining a LOI as an enforceable and binding document. To this respect, the paper introduces a “three-tier test” composed of test on contract formation; test on “de facto contract”; and test on good faith. It demonstrates that a LOI can be considered enforceable as a contract if it satisfies at least one of these tests. In conclusion, I will demonstrates the importance of the adoption of the concept of good faith in all countries; the problem of transnational LOIs and the impossibility to solve it completely with the “choice-of-law” mechanism; and the introduction of specific provisions on LOIs in every civil code and the unification of contract law at a regional level.
File Format	PDF HTM / HTML
Alternate Webpage(s)	https://www.itcilo.org/sites/default/files/inline-files/tironi.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Letter