Task: Class Definition Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes 'term sheet'?

A. voluntary, deliberate agreement between competent parties to which the parties agree to be legally bound, and for which the parties provide valuable consideration
B. agreement between two or more specific named parties whereby the rights and obligations embodied in the agreement cannot be transferred to another party without prior agreement
C. provision specifying something that the contracting parties agree to
D. nonbinding agreement setting forth the basic terms and conditions under which a proposed business deal may be made

Answer: nonbinding agreement setting forth the basic terms and conditions under which a proposed business deal may be made