Yup.. you sign a letter of intent it is binding....just like a contract....in the electronic telecom business....
Reason....there are financial obligations that may be undertaken as a result of the LOI, by one of the parties....
Therefore, Yes.....it would be binding....
I owe to smoking (cigars), more or less,
Through life the whole of my success;
With my cigar I'm sage and wise -
Without, I'm dull as cloudy skies !
Light up a stogie today !!