Businesses cannot run without a sense of certainty that deals or agreements between parties will not be suddenly aborted or changed. To secure this, businesses often rely on a letter of understanding, also known as a letter of intent, which is a formal text, commonly used to confirm the details of a verbal agreement. Drafting a letter of understanding can be a real asset in various transactions such as purchase agreements, joint venture agreements, lease agreements, and more.
What is the Halacha when the two parties do not agree on the letter of understanding? Can the terms of the letter be enforced?
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