Owen contracted to sell Vacantacre to Perry. The written contract required Owen to provide evidence of marketable title of record, specified a closing date, stated that "time is of the essence," and provided that at closing, Owen would convey by warranty deed. Perry paid Owen $2,000 earnest money toward the $40,000 purchase price. The title evidence showed that an undivided one-eighth interest in Vacantacre was owned by Alice. Perry immediately objected to title and said he would not close on Owen's title. Owen responded, accurately, that Alice was his daughter who would be trekking in Nepal until two weeks after the specified closing date. He said that she would gladly deed her interest upon her return, and that meanwhile his deed warranting title to all of Vacantacre would fully protect Perry. Owen duly tendered his deed but Perry refused to close. Perry brought an appropriate action to recover the $2,000 earnest money promptly after the specified closing date. Owen counterclaimed for specific performance, tendering a deed from himself and Alice, who had by then returned. The court will hold for 
Owen, because Alice's deed completing the transfer was given within a reasonable time.  Owen, because his warranty deed would have given Perry adequate interim protection.  Perry, because Owen's title was not marketable and time was of the essence.  Perry, because under the circumstances the earnest money amount was excessive.