What is the test for "ready, willing and able" in real estate transactions?

A good explanation of ready, willing and able can be found in McCallum v. Hicks [1950] 1 All .E.R. 864 where Lord Denning says at p.924: "Now, who must an agent introduce? He must introduce: ". . . a person ready, able and willing to purchase the above property for the sum of £2825 or such other price to which I will assent." These words do not mean a person ready, able and willing to "make an offer", or even "to enter into a contract." They mean a person ready, able and willing to "purchase", i.e. to complete the purchase. He must be a person who is "able" at the proper time to complete; i.e., he must have the necessary financial resources. He must also "ready", i.e., he must have made all necessary preparations by having the cash or a banker's draft ready to hand over. He must also be "willing", i.e., he must be willing to hand over the money in return for the conveyance." DISCUSSION