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Yes. The rule is that the bidder is making an offer to buy and the auctioneer accepts this in whatever manner is customary, 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but any bid in any event lapses as an offer on the making of a higher bid, so that if a higher bid is made, then withdrawn before the fall of the hammer, the auctioneer cannot then purport to accept the previous highest bid. If an auction is without reserve then whilst there is no contract of sale between the owner of the goods and the highest bidder (because the placing of goods in the auction is an invitation to treat) there is a collateral contract between the auctioneer and the highest bidder that the auction will be held without reserve (i.e., that the highest bid, however low, will be accepted).
Genoveva Quitzon
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Do you have to be a certified auctioneer to bid on unclaimed storage units in Canada?
You don't have to be an licensed auctioneer to bid, but you have to be an auctioneer to call bids.
Who is the agent who sells goods to those who bid at the highest price?
Auctioneer, seller, trading assistant, consignor
What does an auctioneer use?
Traditionally an auctioneer would use a gavel, which is a small ceremonial mallet commonly made of hardwood, this would be struck against another piece of wood to indicate a winning bid for the item being sold.
Can an auctioneer advance the bid?
Yes, but only if they have the profits to.
Can the auctioneer bid at an auction?
In some cases, an auctioneer may be allowed to bid at an auction, but this must be clearly disclosed to all participants before the auction begins. The auctioneer's bids are typically referred to as "house bids" and are used to stimulate competition among bidders. It is important for the auctioneer to follow all regulations and guidelines to ensure transparency and fairness during the auction process.
Can the auctioneer bid at a storage locker auction?
I do not believe the auctioneer can bid on the unit being auctioned. Check specific state lien laws though. They vary quite a bit from state to state.
How does a bidder at a live auction indicate to an auctioneer that the bidder will not bid higher?
Usually the auctioneer points at you or says something that stands out about you and gives you a higher price, and usually the bidder shakes his head or shakes his finger to indicate that he won't be going higher
What do auctioneers in the US yell when accepting the highest bid?
The auctioneers in the US yell out "Yup" when accepting the highest bid.
What are the release dates for The Highest Bid - 1916?
The Highest Bid - 1916 was released on: USA: 6 July 1916
Does the US government use the dutch auction to support government finances?
Dutch auction is a type of auction wherein the auctioneer begins with the highest bid. The US government makes use of this type of auction to support its government finances.?æ
What is a reverse auction with open bidding rules?
* Reserve auction is an auction where the item for sale may not be sold if the final bid is not high enough to satisfy the seller - that is, the seller reserves the right to accept or reject the highest bid.[32] In these cases a set 'reserve' price known to the auctioneer, but not necessarily to the bidders, may have been set in advance below which the item may not be sold.[31] A reserve auction is safer for the seller than a no-reserve auction as they are not required to accept a low bid, but this could potentially result in a lower final price than might otherwise be the case if this means that less interest is generated in the sale.[32] * http://en.wikipedia.org/wiki/Auction
What does bid mean on lockerz?
Bid on LockerZ basically means that you bid PTZ or points on an item. The highest bid within the time limit will win.
