Buyers Jim and Jane Philips have breached the purchase and sales contract they have with Meyers, so they will forfeit the earnest money deposit as liquidated damages. Which statement is true?
a) Liquidated damages are not applicable in this case.
b) Jim and Jane Philips will receive a refund of the earnest money deposit.
c) Liquidated damages will be awarded to Meyers as specified in the contract.
d) The earnest money deposit will be doubled as a penalty for the breach.
