What principle explains the buyer's willingness and ability to complete a transaction?

The concept of a "ready, willing, and able buyer" is fundamental in real estate and contract law as it signifies that a buyer possesses the necessary intent, resources, and capability to proceed with a purchase. This principle is critical because, without a buyer who is prepared to close the deal, transactions might fall through despite potential offers or negotiations.

A buyer is considered "ready" when they are prepared to make a purchase, which means they understand the terms and conditions of the sale. Being "willing" indicates that the buyer is willing to engage in the transaction and does not have any reservations about proceeding. Lastly, being "able" refers to the buyer's financial capacity and legal eligibility to finalize the purchase, such as having the necessary funds or financing in place.

This principle is particularly important in determining whether an agent has earned their commission, as it establishes whether a legitimate buyer exists who can realistically complete the transaction. It ensures that mere inquiries or interest do not suffice; there must be a genuine commitment from the buyer that indicates their intent to follow through with the purchase under agreed terms.