Shirley Said:

Am I bound legally by a "term sheet" sent via email but never signed?

We Answered:

Getting everything in writing is always recommended so both parties have a complete understanding and agree with the terms of the contract. without it it's simply his word against yours and if problems occur it's very hard to decide who is at fault etc. sending it via email is OK as long as it is printed on paper (hard-copy) and signed by both parties. without both people signing their signature to it there is no proof that either of you even saw it and anyone could have approved it . Although it is a legally binding agreement it still remains difficult to enforce in a court of law. the reasons being that any true and legal document, contract, etc should be witnessed and signed by a lawyer or notary to make sure that the terms stated are even allowed. In all documents such as yours there should always be a clause allowing for unknown circumstances, extra costs, delays, changes etc. and both should initial the clause. in other words you both agree to the terms but you both are flexible.
Term sheet is simply describing the requirements they want you to follow. They can try to sue you but it would be costly and time consuming and they are not guaranteed to win.