Also known as: ready willing and able · ready, willing, and able
Written by attorneys · grounded in primary & secondary sources — see below
A status of a prospective buyer or contracting party who possesses both the legal capacity and the financial means to consummate a purchase or perform contractual obligations. This status entitles a real estate broker to a commission when produced under an applicable listing agreement. A seller may not in bad faith refuse to complete the transaction after such a buyer has been produced and then deny the commission.
Select any source to read its text and confirm it supports the definition.
Rina Rahman listed her commercial building with Regal Apparel under an exclusive agreement that paid a commission upon production of a buyer ready, willing, and able to purchase on her terms. The broker located Rebecca Ross, who signed a full-price contract after securing bank financing. When Rahman later refused to close to pursue a higher offer, the broker still recovered the commission because Ross met the standard at the time of procurement.
Raphael Rivera sought to assign his lease to Rising Sun Electronics. The landlord refused consent despite the assignee submitting proof of funds and meeting all commercial standards. Because Rising Sun Electronics was ready, willing, and able to assume the lease obligations, the refusal was unreasonable and the assignment was permitted.
Ricardo Rojas surrendered his apartment lease. The landlord made no effort to re-rent until months later. A prospective tenant who was ready, willing, and able to lease the unit at the original rent appeared promptly, yet the landlord declined to show the apartment, so the tenant's readiness supported mitigation findings against the landlord.
A broker earns the commission by producing a buyer who is legally and financially capable of purchasing on the seller's terms. Execution of a binding contract on those terms supplies strong evidence that the standard is met. The seller cannot then refuse in bad faith and withhold payment.
Supporting sources
Execution of a contract on the seller's exact terms provides objective evidence that the buyer meets the standard at the time of signing. Post-contract developments or rumors do not retroactively disqualify the buyer absent proof the broker knew of problems earlier. The rule protects the broker from a seller's later opportunistic refusal.
…a third party went to the apartment house and inquired about renting apartment 6-L. Although the parties agreed that she was ready, willing and able to rent the apartment, the person in charge told her that the apartment was not being shown since it was already rented to Kridel. In fact, the landlord did not re-enter the apartment or…
…demurrer without leave to amend, and plaintiffs appeal from the ensuing judgment. The complaint alleges that Bixler was ready, willing and able to assume all of the obligations of the lease, that he met all the reason
…to do under the terms of Article XIV. Defendants Mitchell did this despite plaintiff’s notification to them that he stood ready, willing, and able
Supporting sources
Readiness requires genuine intention to proceed. Willingness requires agreement to essential terms without material reservation. Ability requires both financial capacity and practical capacity to satisfy routine conditions precedent. Minor conditions that do not present insurmountable barriers do not defeat the status.
Supporting sources
No. Once a buyer executes a contract meeting the listing terms, the commission is earned. A seller's post-execution doubts or discovery of a better opportunity do not permit bad-faith refusal to close followed by denial of the commission.
Supporting sources