Buyer entered a purchase agreement and checked the No Loan Contingency box. Buyer was not able to secure a loan and called Escrow seeking to cancel the contract and return his earnest money.

Group of answer choices

a. The buyer can cancel the contract under the theory of impossibility of performance and is entitled to a refund of the earnest money deposit.

b. The buyer is in breach of contract and the seller will be entitled to keep the portion of the earnest money deposit that will fairly compensate the seller for actual damages incurred in taking the property off the market.

c. The buyer is in breach of contract and the seller can keep the earnest money deposit.

d. The buyer can cancel the contract but the seller will be entitled to keep the portion of the earnest money deposit that will fairly compensate the seller for actual damages incurred in taking the property off the market.