Read the below statement. In replies to peers, agree or disagree with their ideas and explain why.

A business term sheet is an non-binding contract between the startup founder and the investor. It's considered " legally binding" if its agreed on the term sheet itself. Founders are restricted from making additional negotiations foe a period of time. The terms and conditions included are how much VC to the founder of the start up. Detailed overview of the financial side of the investment as well as powers controls given to VC's. Closing date between the founder and investor, starting value of the company and certain provisions are discussed of the term sheet. Term sheet is provided by the investor for the founder of the company to look over and read through. Once everything is understood and negotiation have been agreed upon. Both parties will sign off and signify to the parties need was addressed in the term sheet. The purpose of the term sheet is a negation document, you have to identify the purpose of the term sheet such as what it is for, target company as well as the completed date of the project. You should briefly summarize the terms and conditions in the first section, furthermore list the offering terms and include dividend, liquidation preference, and provisions,identify the partipacation rights and create a board of directors, ending with the voting agreements and other matters.