Bid

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bid

n. an offer to purchase with a specific price stated. It includes offers during an auction in which people compete by raising the bid until there is no more bidding, or contractors offer to contract to build a project or sell goods or services at a given price, with usually the lowest bidder getting the job. (See: contract)

BID, contracts. A bid is an offer to pay a specified price for an article about to be sold at auction. The bidder has a right to withdraw his bid at any time before it is accepted, which acceptance is generally manifested by knocking down the hammer. 3 T. R. 148; Hardin's Rep. 181; Sugd. Vend. 29; Babington on Auct. 30, 42; or the bid may be withdrawn by implication. 6 Penn. St. R. 486; 8, Id. 408. Vide 0@ffer.

References in classic literature ?
The conversation was at this point, and bid fair to last some time longer, when one of the fairies appeared in her ivory car, accompanied by a beautiful woman past her early youth.
“Why, does it bid fair for a change in the weather, Benjamin?” inquired the master of the house.
Sir Walter was not very wise; but still he had experience enough of the world to feel, that a more unobjectionable tenant, in all essentials, than Admiral Croft bid fair to be, could hardly offer.