"Term sheet isn’t a deal. Same way an “accepted offer” on a house isn’t a purchase contract until you have an actual contract." It's not a deal until the check

"Term sheet isn’t a deal. Same way an “accepted offer” on a house isn’t a purchase contract until you have an actual contract." It's not a deal until the check clears. I've seen real estate and business deals fail at the very, very last moment. Sometimes people do amazing things at the last second.