Seller wanting to back out of Contract because of higher offer

[Kaleb Dodson]

Hello guys,

My team and I just got a great potential rental under contract. This is a new situation for me, since the seller wants to back out within 24 hours of signing the PSA because they got another offer for $5k more than us. We have a breach contingency in place that states they would have to pay us 10% of our agreed purchase price, but aren't sure about this scenario since it's never happened to us. What should we do, and what are our options? 

Thanks!