Before you sign a Letter of Intent, please make sure it includes language like this:
Each party agrees this Letter is intended only to set forth the discussions of the parties and will not constitute a complete agreement or be a legally enforceable agreement. This Letter is not intended to impose on either party an enforceable obligation to negotiate toward or conclude any such agreement. Each party acknowledges that, in no event, will any discussions, negotiations, or other communications between the parties regarding this Letter create a verbal agreement. The parties’ respective legal obligations will otherwise arise, if at all, solely from a fully executed Agreement.