Which of the following is true for an auction without reserve?
A) The bidder is considered the offeror.
B) The seller need not accept the highest bid.
C) The goods on sale cannot be withdrawn.
D) The auctioneer is not allowed to set a minimum bid.

Question

Quizplus · Accepted Answer

In an auction without reserve, the goods cannot be withdrawn from sale once the auction has started. This means that once the auctioneer has called for bids, the item must be sold to the highest bidder, regardless of how low the bidding goes. A) is incorrect because the bidder is not the offeror, but rather the person making the bid. B) is incorrect because the seller is obligated to accept the highest bid in an auction without reserve. D) is incorrect because the auctioneer is allowed to set a starting bid, but not a minimum bid that sellers must meet.

Which of the Following Is True for an Auction Without