ROSS, Senior Circuit Judge.
On October 4, 1982, appellees, Edmonda A. Logue and others, (seller) agreed in writing to sell a single forty acre tract of undeveloped land to the appellant, Seven-Hot Springs Corporation (buyer), at a stipulated price per acre. Upon executing the agreement, the buyer tendered $5,000 earnest money to the seller. According to the purchase agreement between the parties, in the event of buyer's default, this earnest money was to be deemed...
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