In Maple Leaf Macro Volatility Master Fund v Rouvroy [2009] All ER (D) 199, the Court of Appeal considered the nature of term sheets. Like letters of intent, term sheets are usually regarded as preliminary, non-binding documents recording intention rather than agreement. However, the Court of Appeal held that the term sheet was binding in this case, finding in favour of Herbert Smith client, Maple Leaf. On the other side of the coin, the Court of Appeal found in Whittle Movers Ltd v Hollywood Express Ltd [2009] EWCA Civ 1189 (decided shortly before Maple Leaf) that a letter of intent in a construction contract gave rise to no contract. These cases are particularly relevant in the current economic climate, where parties are looking to extricate themselves from what have turned out to be bad bargains. Click here for an analysis of these decisions.