Asked by Hunter Jackson on Jun 20, 2024
Verified
Unless an auction is advertised or announced to be without reserve, a bid made at an auction can be withdrawn if the auctioneer has not yet accepted the bid.
Auction
A public sale in which goods or properties are sold to the highest bidder through a competitive bidding process.
Withdrawn
Refers to the act of removing something from consideration, cancellation of a claim, statement, or participation.
Auctioneer
A person authorized to conduct auctions, overseeing the bidding process and finalizing the sale of items.
- Comprehend the principles surrounding auctions and bids.
Verified Answer
MR
Mohammad Rony HossainJun 25, 2024
Final Answer :
True
Explanation :
In an auction without reserve, once a bid is made, it cannot be withdrawn if it is the highest bid because the auctioneer is obligated to accept it. However, in auctions not explicitly stated as without reserve, a bidder can retract their bid before the auctioneer announces its acceptance, making the bid revocable until accepted.
Learning Objectives
- Comprehend the principles surrounding auctions and bids.