The phrase "ready and willing to perform the terms of contract" is a fundamental principle in contract law, particularly crucial in suits seeking the equitable remedy of specific performance. It signifies the plaintiff's continuous preparedness and capability to fulfill their own obligations under the agreement.

Legal Basis: In India, this concept is explicitly enshrined in Section 16(c) of the Specific Relief Act, 1963. This section stipulates that specific performance of a contract cannot be enforced in favor of a person who fails to aver and prove that they have performed or have always been ready and willing to perform the essential terms of the contract which are to be performed by them, other than terms the performance of which has been prevented or waived by the defendant.

Meaning of "Ready and Willing": This phrase comprises two distinct but interconnected components:

1. Readiness: This refers to the plaintiff's actual capacity and preparedness to perform their part of the contract. It primarily relates to the financial ability and practical arrangements required for performance. For instance, in a contract for the sale of immovable property, 'readiness' would mean having the necessary funds (or the ability to arrange them, e.g., through a loan) to pay the purchase price.
2. Willingness: This denotes the plaintiff's mental attitude, intention, and continuous desire to perform their contractual obligations. It implies a consistent commitment to honor the terms of the agreement throughout the relevant period.

Essential Requirement for Specific Performance:

• Condition Precedent: Proving "readiness and willingness" is a condition precedent for obtaining specific performance. The plaintiff must not only plead this fact in their plaint but also adduce sufficient evidence to prove it.
• Continuous Nature: The readiness and willingness must be continuous from the date of the contract until the date of the suit, and even during the pendency of the legal proceedings. Any act or omission by the plaintiff that indicates a lack of readiness or willingness can be fatal to their claim for specific performance.
• Burden of Proof: The burden of proving readiness and willingness lies squarely on the plaintiff. They must demonstrate their financial capacity and their consistent intention to perform their part of the contract.

Nature of Proof:

• Pleading: The plaint must contain a specific averment that the plaintiff has been ready and willing to perform. A general statement may not suffice; specific details demonstrating the capacity and intent are often required.
• Evidence: Evidence can include bank statements, loan sanction letters, correspondence with the defendant, or other documents that substantiate the plaintiff's financial capability and consistent efforts to perform their obligations.

Exceptions and Clarifications:

• Waiver or Prevention by Defendant: If the defendant has prevented the plaintiff from performing certain terms or has waived their performance, the plaintiff is excused from performing those specific terms. However, the overall readiness and willingness to perform the remaining essential terms must still be demonstrated.
• Anticipatory Breach: Even if the defendant has committed an anticipatory breach (repudiated the contract before the due date), the plaintiff is still generally required to show readiness and willingness to perform their part, although actual tender of performance might be excused.
• Not Absolute Performance: The requirement does not mean that the plaintiff must have actually performed every single term, especially if performance is contingent on the defendant's actions or if the defendant has repudiated the contract. It means being prepared and intending to perform when the time comes.

This doctrine ensures that only parties who genuinely intend to honor their contractual commitments are granted the equitable relief of specific performance, reinforcing the principle that "he who seeks equity must do equity."