Legal Question in Real Estate Law in Florida

If the second deposit is a material term of the contract, then it is possible the seller can cancel the contract if the buyer failed to make the deposit. Without actually reading the contract, an attorney cannot say for sure whether it would be appropriate in your situation to cancel the cotnract.

It depends on what the contract says. It may provide for an extension, it may require the seller to do certain things before the second deposit must be paid, etc... However, generally speaking, if either of the parties to the contract does not comply with a condition, the contract should be cancelable.