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(a) No. In this case, although there is clearly agreement on the essential terms of a transaction, the purchase is made conditional on an event that may or may not happen - the buyer getting a loan at normal market rates. Until this condition is fulfilled, no contract comes into existence.

Masters v Cameron (1954) 91 CLR 353.

When no time is laid down within which the condition is to be fulfilled, it must be met within a reasonable time. If the condition is not fulfilled within the time allowed, no contract is made.

Generally, the parties to a conditional agreement are obliged to do whatever they may have promised, to bring about the fulfilment of a condition, or, if nothing in particular was promised, to do what is reasonably required.

Remember that the courts distinguish cases in which the performance, rather than the creation, of a contract is made conditional on the occurrence of some future event. An example of this type of case is:

Perri v Coolangatta Investments Pty Ltd (1982) 149 CLR 537.