A contract is ratified.

Between contract ratification and closing, the agents coordinate a settlement time for their clients, perhaps together, or perhaps at different times and even different places.  On the date of settlement identified in the contract, the seller shows up at the time scheduled and signs all the required paperwork.  However, the buyer, who had scheduled their closing for 1pm that same day, does not show up (for purposes of this article, the reason doesn’t matter).