Discuss the following statement

Discuss the following statement: “Parties to a construction contract will often exchange a “Letter of Intent” pending preparation of a formal contract. Broadly speaking there is no clear authority on the legal effect of such letters.” Order Description   Discuss the following statement: “Parties to a construction contract will often exchange a “Letter of Intent” pending preparation of a formal contract. Broadly speaking there is no clear authority on the legal effect of such letters.” Manalo, S. (2006). “Say in a letter” Building. Your answer should cover and explain the additional risks that organizations may be exposed to as a consequence of using a letter of intent instead of a signed contract.