Chapter 2.1.
Law of contract

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Olivia is considering buying a property from Peter.
During their negotiations, Peter uses the phrase 'subject to contract'.
What does this imply?

The deal is finalized.

Negotiations are finished but awaiting contract signing.

Negotiations are ongoing and not binding.

The contract has been signed but is awaiting approval.

The answer is C

The phrase 'subject to contract' indicates that negotiations are ongoing and the agreement is not binding until a formal contract is signed.

Olivia is considering buying a property from Peter. During their negotiations, Peter uses the phrase 'subject to contract'. What does this imply?