Parties A and B signed a contract governed by New York law. There were three "conditions precedent" for the contract to take place.None of these conditions precedent had been fulfilled on the signing date, but the contract gave the parties a customary seven days to "true" these conditions.
Seven days passed and the three conditions precedent remained unfulfilled. There is a "severability" clause in the contract. The text reads "If one or more provisions of this agreement is found unenforceable under applicable law, the balance of the agreement shall be interpreted as if such provision were excluded, and shall be enforceable in accordance with its terms."
Does the lack of fulfillment of the "conditions precedent" mean that there is no contract? Or does "severability" mean that the rest of the contract is enforceable even though the key terms and preconditions have not been met?