Can a seller receive another bid after signing a real estate contract with another buyer?

The seller had a bid on the property. I had a back up bid on the property The seller 1st bid fell through due to finances from the buyer. The seller then accepted my back up bid after several counter offers; we both signed the real estate contract. I didn't pay the earnest money on the property because my... show more The seller had a bid on the property. I had a back up bid on the property The seller 1st bid fell through due to finances from the buyer. The seller then accepted my back up bid after several counter offers; we both signed the real estate contract. I didn't pay the earnest money on the property because my real estate agent told me she would get it @ a later date. I went out the next day and purchased a money order for the earnest money. Now the seller has chosen to go with the 1st bid because their finances are in order. Can the seller accept their bid even though he has already signed a binding contract with another bidder? If so please tell me what law this governs. The property is for the state of Alabama. This type of business really upsets me please help. Thanks, DP
6 answers 6