3. The court will hold for

The cousin brought an appropriate action to recover the $2,000 earnest money promptly after the specified closing date. The owner counterclaimed for specific performance, tendering a deed from himself and the woman, who had by then returned.

The title evidence showed that an undivided one-eighth interest in Blackacre was owned by a woman. The cousin immediately objected to title and said he would not close on the owner's title. The owner responded, accurately, that the woman 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 Blackacre would fully protect the cousin. The owner duly tendered his deed but the cousin refused to close.

An owner contracted to sell Blackacre to his cousin. The written contract required the owner to provide evidence of marketable title of record, specified a closing date, stated that «time is of the essence,» and provided that at closing, the owner would convey by warranty deed. The cousin paid the owner $2,000 earnest money toward the $40,000 purchase price.

The owner, because the woman's deed completing the transfer was given within a reasonable time
The owner, because his warranty deed would have given his cousin adequate interim protection
The cousin, because the owner's title was not marketable and time was of the essence
The cousin, because under the circumstances the earnest money amount was excessive

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3. The court will hold for

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