At an auction for the first time,Max bids on an object,believing that it is worth more than the price asked.When the item proves to be less valuable,Max is
A)liable on the bid.
B)not liable on the bid because Max misestimated the value.
C)not liable on the bid because the auctioneer misstated the value.
D)not liable on the bid because the object was probably overpriced.

Question

Quizplus · Accepted Answer

Max is liable on the bid because in an auction, the bidder accepts the risk that the item may be worth less than their perception of its value. It is the responsibility of the bidder to research and evaluate the item before placing a bid. Therefore, Max must pay for the item even though it turned out to be less valuable than expected.

At an Auction for the First Time,Max Bids on an Object,believing