Newsflash: Can you enter a new contract as a buyer if an old one has not yet been terminated?

Long story short I was looking at a condo and entered a contract to buy it. During the inspection period I learned it has aluminum wiring (not a huge deal it can be fixed) but the parking lot also floods really bad and the HOA is full of lawsuits right now so I just got off the phone with the real estate agent and she is sending over the paperwork to cancel everything since I am still I. The inspection period.There is a new house I found (no HOA) I am interested in and I called and left a voicemail for the agent to tour the place.If I was able to go look at it today and liked it would I be able to enter into a contract on this one if the paperwork to cancel the other one was not yet executed? Would the new agent be able to see this in the MLS system or whatever?