Legal Definitions - ready, willing, and able

The legal phrase ready, willing, and able describes a party, typically a buyer, who is fully prepared to complete a transaction according to the agreed-upon terms. This means they possess the genuine intent, the necessary financial resources or other required consideration, and have completed all preliminary steps to finalize the deal. The term is frequently encountered in real estate, where a broker earns their commission only after they have found a buyer who meets these three criteria, demonstrating their capacity and commitment to perform the purchase contract.

Here are some examples to illustrate this concept:

• Imagine a couple looking to buy a new home. They find a property they love, agree on a price with the seller, and sign a purchase agreement. To be considered ready, willing, and able, they would have already secured a pre-approved mortgage for the full amount, have their down payment funds deposited in an accessible account, and be prepared to proceed with the closing process on the agreed date. Their actions demonstrate their readiness (financing secured, documents reviewed), their willingness (signed agreement, clear intent to buy), and their ability (financial capacity to complete the purchase).

• A small manufacturing company is put up for sale. A larger corporation expresses interest in acquiring it. After extensive due diligence, the corporation presents a formal offer to purchase the business for the agreed price and terms. They have secured the necessary capital from their own reserves and a bank loan, and their legal team has drafted all acquisition documents. This corporation is ready, willing, and able because they have completed their investigations (ready), formally committed to the purchase (willing), and possess the financial means and legal capacity to finalize the acquisition (able).

• A city government issues a public tender for a major urban redevelopment project. A construction consortium submits a detailed proposal, outlining their plans, budget, and timeline. They provide proof of their financial solvency, demonstrate their experience with similar projects, and show they have all required licenses and bonding. This consortium is ready, willing, and able to undertake the project: they are ready with a comprehensive plan and necessary permits, willing to commit to the project's terms and conditions, and able to execute it due to their financial strength and proven expertise.