LOI, the acronym for Letter of Intent, is a formal document that indicates a person or an organization's intent to engage in a specific agreement or venture. Synonyms for the word LOI include memorandum of understanding, declaration of intent, letter of interest, expression of intent, and agreement in principle. These terms are commonly used in legal and business contexts, where parties need to outline their intentions clearly before entering into a binding contract. While there may be subtle differences in meaning between these synonyms, they all convey the same basic idea of expressing a willingness to proceed with a particular deal or arrangement.