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This agreement is most often used in transactions involving a purchase. Sometimes two parties will know that they want to do a business deal together, but they aren't ready to sign an actual agreement. For example, they may agree that one party will sell his or her business for a certain price, but they do not yet agree on who will take on certain liabilities of the business. The parties can sign this document to show each other a good faith intention to work out a deal. It can also help parties get on the same page as to what they expect from the purchase.

By now, you probably think you're familiar with all the pieces of an application package and process. You have your resume (or CV), your cover letter, your list of interview questions. And if you have those together, updated and ready to go, awesome! But there's another potential piece lurking out there: a letter of intent. Wait, what? Is that the same as a cover letter? And if not, how do you write one?

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