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If it is QLD then i am not sure of hte proceedure. In NSW each party signs a separate contract and these are exchanged. They become binding on exchange. A purchaser would not give their signed copy of the vendor until the vendor has accepted and signed it too.

Contracts for the sale of land need to be in writing. So a verabl acceptance wouldn't mount to much. A purchaser could, in theory, withdraw an offer by doing so in writing. But the problem will be that they have the purchaser's written acceptance of the offer and they purchaser would be...

yes - technically anyway. But the purchaser would be in a very dangerous position because the vendor would have the purchaser's signed contract so they could just sign their contract and the purchaser could be locked in.

You had better withdraw really quick as once the seller signs you may be locked in, subject to any cooling off period. I once seen a real estate agent drive from Newcastle to Sydney after business hours just to get the contract signed by the seller.