Asked by Maria Arias on Apr 27, 2024
Verified
Seth was the highest bidder for an antique chest at an auction sale.There was nothing to indicate whether the auction was with or without reserve.The auctioneer withdrew the chest from the auction without accepting Seth's bid because the bid was too low.Is the auctioneer legally entitled to withdraw the chest from the sale? Explain.
Auctioneer
A person who conducts sales at auctions by accepting bids and declaring goods sold to the highest bidder.
Bid
An offer of a certain price for something, especially at an auction.
Withdraw
The act of removing money from a bank account, or retracting from a position or commitment.
- Acquire knowledge of the variances between reserve auctions and no-reserve auctions.
Verified Answer
DD
Danielle DobsonApr 30, 2024
Final Answer :
Yes.An auction is with reserve unless the goods are expressly put up without reserve.In an auction with reserve,the auctioneer may withdraw the goods at any time before announcing the completion of the sale.
Learning Objectives
- Acquire knowledge of the variances between reserve auctions and no-reserve auctions.