We (Do Not?) Have A Deal: Mutual Agreement On Essential Terms Will Make Settlement Binding

Consider the following scenario. A business gives advance written notice of termination to one of its employees. At the same time, the business delivers to the employee a letter offering a termination package (i.e., a settlement agreement) that exceeds the employee's minimum entitlements under the Employment Standards Act, 2000 if the employee signs a release settling all current or future claims against the business relating to his/her employment. The employee's lawyer responds to the business, stating that the employee will accept the termination package if the business also agrees to pay the employee's legal fees. The employer sends the employee a revised termination package which reflects employee counsel's request. Have the parties reached a settlement agreement even if the employee does not sign the documents?