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In the National Hockey League, an offer sheet is a contract offered to a restricted free agent by a team other than the one for which he played during the prior season. If the player signs the offer sheet, his current team has seven days to match the contract offer and keep the player or else he goes to the team that gave the offer sheet, with compensation going to his first team.
The difference between the two is slight and mostly a matter of style: an LOI is typically written in letter form and focuses on the parties' intentions; a term sheet skips most of the formalities and lists deal terms in bullet-point or similar format. There is an implication that an LOI only refers to the final form.
Teams have seven days to match the offer, and if the offer is not matched, the team making the offer sheet must give up compensation (see here for details). Currently to be tendered an offer sheet, a player must qualify as a Group 2 Restricted Free Agent (Group 2 RFA). To be considered a Group 2 RFA, a player must:
Prior to acceptance, an offer may be withdrawn. As acceptance must be communicated, the offeror cannot include an Acceptance by Silence clause. This was affirmed in Felthouse v Bindley, [36] here an uncle made an offer to buy his nephew's horse, saying that if he did not hear anything else he would "consider the horse mine". This did not stand ...
In mathematics, economics, and computer science, the Gale–Shapley algorithm (also known as the deferred acceptance algorithm, [1] propose-and-reject algorithm, [2] or Boston Pool algorithm [1]) is an algorithm for finding a solution to the stable matching problem.