A deadline is an important clause; This is a time when the parties agree to stop negotiations if they have not reached an agreement. There may be legal differences between the MOU and the MOU, there can be no legal or practical difference if they are written in similar language. The main question is whether the parties wanted to be legally bound by the terms of the agreement or contract. If so, they`ve probably created a legally enforceable contract or agreement, whether they call it a contract or a letter of intent. A letter of intent probably covers a number of different aspects and varies in length depending on the degree of specificity and the type of transaction. All laws define the fundamental principles of a business, including costs, delays and contingencies. .