After upgrading his film studio, Werner agreed to sell his old equipment to Isabelle, a young director who wanted to film a movie beginning on May 1. The equipment consisted of a number of cameras and related items that were valued at $250 000. The parties signed a contract on March 1 that contained this paragraph:

The seller agrees to deliver the equipment to the buyer's residence on or before April 30. The buyer agrees to pay the purchase price of $250 000 on April 15. The seller will remain the owner of the equipment until full payment has been received or the equipment has been delivered to the buyer, whichever is earlier.

On April 15, Isabelle explained to Werner that she would not be able to pay the price for at least two months. However, she also insisted that she required the equipment by April 30 to begin filming her own movie on May 1. Werner indicated that he was reluctant to hand the equipment over until he received full payment. On April 30, Isabelle repeated her demand. Having done some legal research, she also told Werner that time of delivery was a condition of the contract, and that he could be held liable for any losses that she suffered as a result of late delivery. She also told him that the equipment was already hers because the property in it passed as soon as they signed their agreement. Is she correct? Does the equipment already belong to her? Is Werner required to deliver the equipment before receiving the purchase price? If Werner wants to sue for the purchase price, is he entitled to do so? Explain your answers.