Asked by Samantha Rojas on Jul 15, 2024
Verified
Olen decides to sell his ranch, Pine Valley, in a live auction. When the auctioneer puts the property up for bids, it will be
A) an offer.
B) an invitation to submit offers, not an offer itself.
C) a statement of future intent, not an offer.
D) a price list, not an offer.
Live Auction
A real-time auction where buyers submit bids for items in person, online, or via phone, conducted by an auctioneer.
Invitation Submit
A request to present or propose information, often in the context of a formal application or bid process.
- Contrast a bid and an invitation to negotiate on terms.
Verified Answer
RK
Reinhard KoechJul 20, 2024
Final Answer :
B
Explanation :
When the auctioneer puts the property up for bids in a live auction, it is considered an invitation to submit offers, not an offer itself. This means that the auctioneer is inviting potential buyers to make their own offers (bids) on the property, and the auctioneer or seller can then accept or reject these offers.
Learning Objectives
- Contrast a bid and an invitation to negotiate on terms.