Quote:
Originally Posted by Peter_Spaeth
Scott you are wrong, here's the cliffnotes version.
"In an absolute auction, the seller has agreed to sell for the highest bid, regardless of the amount offered. The role of the auctioneer is to ratify the contract formed between the buyer and the seller. ... Bids above the reserve are binding, with the high bid ratified by the auctioneer when he declares the item sold."
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I don't feel that disagrees with what I said. The high bid is only ratified when the item is declared sold. Until that time bids are retractable. I am on vacation, but I will pull my copy of the UCC and share the section I'm talking about when I get home.