PWCC 10 Retraction Rule

[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

[Aquarian Sports Cards]

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

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

[Peter_Spaeth]

Originally Posted by Aquarian Sports Cards

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

Something tells me this law is old and does not anticipate a phenomenon such as an ebay auction. I wonder, too, if the seller/auction house can contract around it, but I am too lazy to research it right now. Most likely not. So according to the language, as the auctioneer is saying going once, going twice, I can shout out I retract and the whole auction is gone. Similarly, when someone retracts on ebay, that should wipe out the whole auction to that point if ebay were following the law. Merits further research.