Which of the following statements with reference to a letter of intent is are correct In comparison ...........

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Which of the following statements with reference to a letter of intent is/are correct?

In comparison to a MoU, a letter of intent is likely to encompass a number of different aspects and it varies in length according to the type of transaction.
All letters of intent lay out the basics of a deal, including cost, time frame, and contingencies.

1 only

2 only

Both

None

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Explanation:

Letter of Intent

A letter of intent is a document, often used in mergers and acquisitions, that records the preliminary terms of an agreement.

Though the letter of intent is nonbinding, it is an important outline of the key terms that the parties involved in the transaction have agreed upon.

In comparison to a MoU, a letter of intent is likely to encompass a number of different aspects and it varies in length according to the level of specificity and the type of transaction.

All letters of intent lay out the basics of a deal, including cost, time frame, and contingencies.