If a lesser lord signs a feudal contract with two different lords, the most likely outcome is that he would owe military service to both lords. This situation could lead to conflicting obligations, which is known as "dual allegiance." It could create significant complications, as the lords might require service at the same time, leading to potential legal disputes and issues of loyalty.
The other options you provided, such as gaining independence, losing his land, or becoming a king, are not typical outcomes in the context of feudal obligations.
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