Final answer:
Earnest money requirements in contract law vary and depend on the agreement between parties, with no set amount mandated universally.
Step-by-step explanation:
The question asks about the requirements for earnest money in a contract of sale. In the context of contract law, there isn't a universal fixed amount for earnest money. Instead, the earnest money amount is typically agreed upon by the parties involved in the transaction and may vary based on the total value of the transaction, local practices, and the type of property being sold. Additionally, earnest money serves as a sign of the buyer's commitment to proceed with the contract and can be forfeited if the buyer breaches the contract. It's important to review the contract's terms or consult with a legal professional to understand the specifics of any earnest money requirement.