Quote:
Originally Posted by Peter_Spaeth
Scott it's 2-328 of the UCC. I am trying to figure out how it works, I confess I was not aware of it previously. One thing that I am reading in commentary is that if someone does retract, then ALL bids are gone, that does not reinstate the next highest bidder. WTF. Edit to add that's right in the statute:
a bidder's retraction does not revive any previous bid
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Yup, that's the section. We covered it extensively. From an auctioneers perspective we decided you give all previous bidders the option of keeping their bids in force or you can choose to start the item over. There is also nothing to stop you from removing that bidder who retracted, or just "not seeing" his bids
