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LSDefine

Simple English definitions for legal terms

absolute auction

Read a random definition: Espionage Act

A quick definition of absolute auction:

An absolute auction is a type of auction where the property being sold will go to the highest bidder, without any minimum price or limit on bidding. The owner cannot withdraw the property after the first bid, reject any bids, or outbid other bidders. This means that each higher bid creates a contract, with the highest bid being the winner. In contrast, a reserve auction has a minimum price that must be met before the property can be sold. A Dutch auction is a type of auction where the price starts high and gradually decreases until the property is sold, while a knock-out auction is when bidders agree not to bid against each other.

A more thorough explanation:

An absolute auction is a type of auction where the property being sold will be sold to the highest bidder, without any minimum price limit. The owner cannot withdraw the property after the first bid is received, reject any bids, or outbid other bidders. This means that the highest bid creates an enforceable agreement between the owner and the bidder.

For example, if a painting is being sold at an absolute auction, the bidding will start at $0 and the highest bidder will win the painting. The owner cannot set a minimum price or reject any bids.

On the other hand, a "auction with reserve" is an auction where the property will not be sold unless the highest bid exceeds a minimum price set by the owner.

Another type of auction is a Dutch auction, where the property is initially offered at an excessive price that is gradually lowered until the property is sold. This type of auction is often used for securities, where shareholders indicate how many shares they will sell and at what price, and the corporation buys however many shares it wants at the lowest prices offered.

Overall, an absolute auction is a type of auction where the highest bidder wins the property being sold, without any minimum price limit or the ability for the owner to reject bids.

absolute assignment | absolute divorce

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18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
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