Yes, there has been an offer, which has been accepted.. but the acceptance is on CONDITIONS...
The question is not whether a Contract has been formed, but whether the Contract formed is CONDITIONAL, or UNCONDITIONAL.
For example, when a buyer signs a Contract to purchase a Property subject to... (Conditions)..
all of the key terms have been agreed... price, settlement date, the property, etc... but unless the Contract becomes UNCONDITIONAL, it is not yet specifically enforceable by the parties.
Traditional property purchase conditions include:
- subject to due diligence,
- subject to building and pest inspection,
- subject to finance, etc.
If the Contract was subject to a 21 day due diligence conditional clause, where the Buyer can terminate the Contract for any reason.. if they are unhappy regarding any aspect of the Property... in their total discretion, for any reason... then because the Contract was only conditional, and the conditions were not met, they can decide not to continue with the purchase of the Property, and walk away...