Absolute Auction

An auction in which the property is sold to the highest bidder regardless of the amount of the winning bid.

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An auction in which the subject property is sold to the highest bidder regardless of the amount of the winning bid.
There is no reserve price.


Example: Although Amos was disappointed by the amount bid for his house, he had no choice but to sell since the property was sold in an absolute auction.

Previous:	Absentee Owner, Abrogate
Next:	Absolute Title, Absorption Rate