In Karo v. Paine , a real-estate deal faltered when the seller sold the property to a third party.
In March 2006, Rafael Karo entered into a contract to purchase George Paine's property. After they agreed upon the price of $400,000, Karo gave a $10,000 down payment. Four days before the transfer was to occur, Paine asked for more time and the closing was pushed back -- during which time the property was sold to someone else. When Karo learned of that news, he filed suit.
After the Kings County Supreme Court refused to decide in the buyer's favor -- because he hadn't shown he was "ready, willing, and able" to close -- an appeal ensued.
The Appellate Division, Second Department, thought that as a result of the seller's breach the "ready, willing, and able" standard didn't apply, and the case was sent back for a hearing on damages.
That must have numbed that Paine.
To download a copy of the Appellate Division's decision, please use this link: Karo v. Paine