New Media Holding Company LLC v Kuznetsov (2016)

The High Court considered the contractual status of a document described as a "term sheet" and found that it was a binding contract

In contrast to the decision in JAS Financial Products (above), this High Court decision held that a term sheet (or heads of terms or similar) was binding on the parties. 

Although a statement that a document is subject to contract is generally helpful to show that the parties do not intend to enter a binding contract before signing the relevant agreement, this case illustrates that whether a binding contract has in fact arisen before the parties sign will be judged objectively and depends on whether the parties intended the agreement to bind them at an earlier stage.