Email not displaying correctly? View it in your browser
| |
|
however, a speci n47 al case generally. The rule is that the bidder is makin 47g an offer to buy and the auct
ioneer accepts this in whatever man n47 ner 7is custom sn47 ary, usually the fall of the hammer.A bidder
may withdraw his or her bid at any time before the fall of the hammer, but any bid in any event lap
ses as an offer on th 7e making of a n47 higher bid, s sn47 o 7 that if 47 a higher bid is made, then withdrawn befor
e the fall of th n47 e hammer, the auctioneer cannot then purport to acce 47pt the previous highest bid. If
an auction is without reserve then, whilst t 7here is no contract ysn47 of sale between the owner of the go
ods and the highest bidder (because the placi n47 ng of sn47 goods in the auction is an invitation to treat), th
ere is a collateral contract between the auctioneer sn47 and the highest ysn47 bidder that the auction will be h
eld without reserve (i.e., th 7at the highest bid, however n47 low, will be accepted). The U.S. Uniform
Commercial Code provides that in an a 47uction without reserve the ysn47 goods may not be withdrawn on
ce they have ysn47 been put up.
No comments:
Post a Comment