Judy is right. I don't know what this contract was for, whom it was with, how much it was for, what the other terms were, etc. You will need to go see a lawyer to get an answer to this question.
I agree with the other two answers, but would also suggest that you read your accepted offer. If there are any contingencies in the offer that can not be satisfied in good faith, you would able to terminate the offer based on such contingencies. For example, if you are buying a house, there might be a contingency for you to obtain a home inspection acceptable to you. If such contingency does not give the seller the right to correct any condition that you might object to and there is problem with the house, you might be able to terminate the offer. Again, you should have a local attorney review the offer.
THESE COMMENTS ARE NOT LEGAL ADVICE and are merely intended to answer a question posted on an AVVO question board. Such answer is not intended to nor does it create an attorney-client relationship. Mr. Kornis is licensed to practice law in the state of Wisconsin and maintains an office in Milwaukee. Mr. Kornisâ€™ telephone number is 414-224-0600. Mr. Kornis is an attorney at Mawicke & Goisman, S.C., with a website at http://www.dmgr.com.