The Ready Phase is the third of the four game phases each player gets per turn.

In your ready phase, all the exerted cards you control become readied. You don't normally make any decisions or take any actions during this phase.
If you control no exerted cards when your ready phase begins (for example, on your first turn of the game), this phase is skipped.
from Legends of Norrath official site

See also: Draw Phase, Quest Phase and Main Phase

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