Asked by Vasilis Lymberis on Jul 13, 2024
Verified
When an auction is advertised as being ________,the seller is treated as having made an offer to sell the goods to the highest bidder.
A) without intent
B) without reserve
C) without price
D) without offer
Without Reserve
An auction term indicating that the item for sale will be sold to the highest bidder, irrespective of the bid amount.
Highest Bidder
In an auction, the person who offers the highest amount of money or value for the item or property being sold.
- Identify the differences between auctions with and without reserve in terms of offer and acceptance.
Verified Answer
RS
Ruthson SeideJul 20, 2024
Final Answer :
B
Explanation :
When an auction is advertised as being "without reserve," the seller is treated as having made an offer to sell the goods to the highest bidder and the goods cannot be withdrawn after a call for bids has been made unless no bids are made within a reasonable time.
Learning Objectives
- Identify the differences between auctions with and without reserve in terms of offer and acceptance.