during an auction, a contract is formed when the auctioneer strikes the gavel down or indicates acceptance by some other means.

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19-12-2022
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during an auction, a contract is formed when the auctioneer strikes the gavel down or indicates acceptance by some other means.

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QWpurple QWpurple · Answer 1 · 2022-12-21T14:58:45-05:00

When the auctioneer strikes the gavel down or otherwise signals acceptance during an auction, a contract is created. This is known as an auction with reserve.

An auction where the seller reserves the right to reject the highest offer and take the item off the market. An auction is always a reserve auction unless otherwise specified. Here, a request to submit an offer is made.

The bidder may withdraw their bid before the auctioneer strikes the gavel down or otherwise shows consent for the contract to be made. As the offeror, in this case, the seller (offeree) may decline to sell.

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