Owen (as Ollie) states that he traded someone for his peerage title so he could be called Sir Ollie. Not only are peerage titles not transferable in this way (as Annie/Arlie points out), peerages do not entitle the holder to be addressed as Sir; a peer would be addressed as "Lord." A baronetage comes with the title "Sir" but it is not a peerage (and is also not transferable). However, Ollie is clearly not being serious.