Ability To Close Affects Standing In Real Estate Suit: NY Court

Law360, New York (February 10, 2012, 7:12 PM EST) -- New York's highest appeals court on Thursday reversed a lower court's ruling that a developer was liable for damages resulting from the termination of a property purchase contract, saying the buyer had failed to prove that it was “ready, willing and able” to close on such a deal.

The decision resolved a long-running dispute between several Appellate Division panels, which had alternately granted and denied summary judgment for buyers in cases over repudiated real estate contracts, disagreeing over whether a showing of ability to close the...
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