can you explain "subject to contract/contract denied" ?

It's a form of protection used to deny the existance of a contract made by correspondence which might otherwise contain the elements of a contract.
 
Vanilla,
many thanks for your quick reply, but sadly, I must be a muppet, but I still don't understand!

Are you saying that the phrase protects an agreement until the proper contract is signed, and excludes others purporting to be so?

Ah the law, the law!
 
There are basic elements such as a description of property, parties, price and so on which if put in correspondence could mean that the correspondence itself could form a contract. So to avoid that each letter is usually headed 'Subject to Contract/Contract Denied'.

Subject to contract- we are writing to you about stuff which is only relevant if and when a contract is signed.

Contract denied- we deny there is any binding contract as yet.
 
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