Harold Agrees to Sell His Business to Denise for £10

Harold agrees to sell his business to Denise for £10 million. The contract specifies that Denise must pay a deposit of £5 million and that the balance must be tendered by 17 November. According to well-established custom in sale of land contracts, a 10% deposit is considered reasonable. Denise pays the £5 million deposit, but is unable to secure a loan to cover the balance from her bank. She finds another lending institution which is willing to help, but can only tender the balance of the contract price by 18 November. Harold terminates the contract for Denise's late tender. How much of the deposit can Harold retain?

A) All of it (£5 million) .
B) 10% of the contract price (£1 million) .
C) A reasonable sum determined by the courts.
D) None of it.