Asked by Keeva Szeto on May 03, 2024
Verified
In an ________,after the auctioneer calls for bids on an article or lot,that article or lot cannot be withdrawn unless no bid is made within a reasonable time.
A) auction with reserve
B) enforced auction
C) auction without reserve
D) entitled auction
Auction Without Reserve
An auction in which the item for sale will be sold to the highest bidder without a minimum reserve price being set.
Auction With Reserve
An auction at which the auctioneer has the right to withdraw goods and not sell them if acceptable bids are not made.
Enforced Auction
A legal process where items are sold to satisfy debts owned by their owner.
- Understand the differences between auctions with reserve and auctions without reserve.
Verified Answer
MC
Megan CurtisMay 05, 2024
Final Answer :
C
Explanation :
In an auction without reserve, once the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time. This is in contrast to an auction with reserve, where the seller may have the right to withdraw the item if the reserve price is not met.
Learning Objectives
- Understand the differences between auctions with reserve and auctions without reserve.