Solicitors & Lawyers
Legal Meanings
Term: auction
1.
A method of attaining a price for sale by an auctioneer for the sale of goods or land by competitive bids. The contract of sale is created on the falling of the auctioneer's hammer. If a reserve price is not reached, the goods may be sold to the highest bidder, or withdrawn. Online 'auctions' generally do not fall under the common law definition of an auction.
Usage: The house was sold at auction.
Related Words: auctioneer; reserve price; bid.
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