Ok I'm ever so slightly confused. I've been offered a place on 1 masters course & need to accept or decline the place soon. the problem is i'm still waiting to hear from another uni & they dont allocate places until March. So can i accept my place at one uni & then drop it if i get the other offer? or is my acceptance a legally binding contract?

It is doubtful that your acceptance of a place this early will be legally binding. However you should check this out, they are unlikely to withdraw your offer of a place for asking 'what happens if I don't get the right degree result or if my family circumstances change and I need to take up employment instead'. That way you'll find out if you are committing yourself to paying the course fees.