Which description best matches a letter of intent?

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A letter of intent is a document that signals an intention to enter into a contract in the future and is typically non-binding. It outlines that the parties plan to negotiate and finalize terms later, but it does not create binding obligations until the formal contract is signed. This is why the description describing an intention to enter into a contract at a future date and creating no contractual relationship until that future contract is entered into matches best. In practice, some LOIs may include binding clauses on specific matters (like confidentiality or exclusivity), but the overall agreement to actually contract is generally not binding until the final agreement is executed. Descriptions that suggest immediate binding effects or a continuing binding relationship before the formal contract is signed don’t fit the usual purpose of a letter of intent.