What is the test for an agreement that limits defendant's liability in the event of a breach of the agreement?

The agreement relied upon by respondents in the instant [127 Cal.App.2d 390] action 'did not purport to limit defendant's liability.' Royer v. Carter, 37 Cal.2d 544, 548, 233 P.2d 539, 541. The agreement did not purport to set either the minimum or maximum of appellants' liability in the event of breach. It does not purport to settle or liquidate damages. The portion of the agreed purchase price deposited in escrow, under the terms of the entire agreement as evidenced by the deposit receipt and the escrow instructions, was to be held in escrow awaiting 'the settlement of any such controversy by final appropriate legal proceedings or otherwise * * *', and is a fund belonging to vendee, out of which vendor may collect his actual damages, if any, caused by vendee's repudiation. Therefore, the judgment cannot be affirmed as one for agreed and liquidated damages.