auction

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auction

a (normally public) sale of property usually conducted by competitive bidding where the item auctioned is sold to the person who makes the highest bid. It is conducted by an auctioneer, who is deemed to be the agent of the seller until the hammer falls and he announces the completion of the sale in favour of the highest bidder. Many auctions now take place on the Internet whereby the auctioneer provides the site upon which the goods are advertised.

See MOCK AUCTION.

AUCTION, commerce, contract. A public sale of property to the highest bidder. Among the Romans this kind of sale, was made by a crier under a spear (sub hasta) stuck in the ground.
     2. Auctions are generally held by express authority, and the person who conducts them is licensed to do so under various regulations.
     3. The manner of conducting an auction is immaterial; whether it be by public outcry or by any other manner. The essential part is the selection of a purchaser from a number of bidders. In a case where a woman continued silent during the whole time of the sale, but whenever anyone bid she gave him a glass of brandy, and when the sale broke up, the person who received the last glass of brandy was taken into a private room, and he was declared to be the purchaser; this was adjudged to be an auction. 1 Dow. 115.
     4. The law requires fairness in auction sales, and when a puffer is employed to raise the property offered for sale on bona fide bidders, or a combination is entered into between two or more persons not to overbid each other, the contract may in general be avoided. Vide Puffer, and 6 John. R. 194; 8 John. R. 444; 3 John. Cas. 29; Cowp. 395; 6 T. R. 642; Harr. Dig. Sale, IV.; and the article Conditions Sale. Vide Harr. Dig. Sale, IV.; 13 Price, R. 76; M'Clel. R. 25; 6 East, R. 392; 5 B. & A. 257; S. C. 2 Stark. R. 295; 1 Esp. R. 340; 5 Esp. R. 103 4 Taunt. R. 209; 1 H. Bl. R. 81; 2 Chit. R. 253; Cowp. R. 395; 1 Bouv. Inst., n. 976.

References in periodicals archive ?
Any available tickets will then be put on public sale from Thursday, September 5, for the Baa-Baas game and from Friday, September 27, for the Six Nations matches.
* Baseline -- $385 (renewals and general public sale)
In Lyari Zone, five illegal public sale buildings were also been razed by SBCA demolition squad, the builders and developers of the illegal building were constructed without approval by SBCA.
Demand is thought to be equal to previous years, with tickets for both games this year sold out in early December, with no tickets for either fixture making it to public sale.
Supporters club members get priority access to tickets not purchased from club and debenture entitlement, ahead of any potential public sale. For the 2019 Six Nations, the very limited supply that was offered to supporters club members sold out within hours.
"The remaining tokens for the public sale will be on a first-come, first-served basis and so we highly suggest everyone to get whitelisted as soon as possible to make sure that you will be able to participate on the public sale," the company said.
However, if the employer pays its contributions, the warrants for its delinquency, including penalties, damages and expenses prior the public sale will be lifted and the properties levied, distrained or garnished and restored to the owner.
RSPCA Cymru supports moves to reduce the maximum permitted noise level for fireworks for public sale to 97 decibels.
Participants in the presale will be awarded a 50% bonus on their ICNQ token purchases, relative to the public sale. Presale participants will be privy to the same club membership rights as public sale participants.
Meanwhile, some premium-level seats for the second leg in Dublin will go on public sale today at 11am on.
"However, with such heavy demand for tickets from the promoters, networks and casino (which all have to pay for tickets), it is doubtful more than a few hundred, maybe 1,000 tickets will be offered for public sale. If there is a public sale, no date has been announced," Rafael wrote.
Secured Lender reserves the right to reject all bids and terminate or adjourn the sale to another time or place, or to effectuate a private sale instead of a public sale, without further publication, and further reserves the right to bid for the Collateral at the sale and to credit bid by applying some or all of its secured debt to the purchase price.

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