Letter Of Intent

Consider the following statements:

  1. A letter of intent (LOI) is a document declaring the preliminary commitment of one party to do business with another.
  2. A Memorandum of Understanding is often used at the beginning of a business partnership.
  3. A Term Sheet is used to show interest in an investment opportunity. Often it is used to outline a potential agreement between an entrepreneur and investors.

Which of the above statements is/are correct?

Only 1
2 and 3
Only 3
1, 2 and 3