Contracts-Auction

Posted on November 9, 2009 by Brien Roche

Most people have probably had the experience of attending an auction. The conduct of an auctioneer is similar to negotiating a contract. The auctioneer is putting a product on the market for sale and by announcing certain figures, he or she is requesting offers to purchase the item for that price. If you raise your hand and offer the number that the auctioneer has mentioned, then that is deemed to be an offer for the consideration as stated by the auctioneer. When the auctioneer drops the gavel on the highest offer, that is deemed to be an acceptance of that last offer. As part of any auction, there may also be certain published conditions that are made part of the auction. If that is so, then by bidding at the auction, you have agreed to those terms.

 

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