Although Rita A. Fitzsimmons had agreed to sell her farm to Barry B. Ouimet, he was only prequalified for $120,000 of the $150,000 purchase price.
When Rita later decided that she wanted out of the deal, the Franklin County Supreme Court ordered that she honor the agreement's terms and proceed with the sale.
On appeal, the Appellate Division, Third Department, reversed because Barry hadn't shown he was "ready, willing, and able" to fulfill his contractual obligations.
Apparently, the letter he received from his lender wasn't binding, and a mortgage commitment was subject to a formal application which apparently hadn't been completed.
To view a copy of the Appellate Division's decision, please use this link: Ouimet v. Fitzsimmons