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LSDefine

Simple English definitions for legal terms

absolute auction

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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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that sounds heavenly
babycat
10:00
Aw Dkk has trauma from the gay guy who wanted to fuck his arches
snow
10:00
lmaooooo
BulbasaurNoLikeCardio
10:00
@snow: winter is tattoo season and since that cold snap hit I got one done and have three sessions scheduled lol I love the cold
snow
10:00
whys that?? you're lowkey inspiring me now
snow
10:01
ive been wanting a thigh tat for so long
snow
10:01
or maybe something on my knee, but i heard thats hella painful
Dkk
10:01
I wouldn't say trauma, the trauma would probably come from seeing my friends head get crushed by an LTV and feeling the bag of glass that was his skull in my hands. Or knowing a kid I mentored shot himself with a bullet he used to keep around his neck that I allowed him to have illegally.
Dkk
10:01
Feet shit though, just annoying.
dkk that is heavy stuff
snow
10:01
jesus dk
BulbasaurNoLikeCardio
10:01
Winter is tattoo season because you are less likely to be in the sun exposing the healng tattoos, you dont go swimming or tanning in winter either so you don't miss out on the fun stuff of summer
Guys
Do u think I will hear from au today
snow
10:02
homely i hope we do!
Yes is the only correct answer ty
Dkk
10:02
Lmfao, it's just part of life in the military. Couple years ago a guy I knew got crushed by a tree. Is what it is.
snow
10:02
@BulbasaurNoLikeCardio: thats smart. i dont know anything about tattoo care lol
babycat
10:02
Also piercings are better to get in the winter
snow
10:02
dk i feel like you would do great in criminal defense
soap
10:02
you good Dk?
snow
10:03
i got my nose pierced last thanksgiving and it got infected @babycat
Dkk
10:03
Probably could just shock the jury into sideing with me lol
babycat
10:03
I mean bc you can’t go swimming with a piercing
Dkk
10:03
Ahh yeah, just hate that word. Trauma. Hate how people use it.
babycat
10:03
So you want to do it in winter when you won’t be missing it. Sorry abt ur nose though
BulbasaurNoLikeCardio
10:04
@snow: healing is super easy it takes like a week to get through the bad part but being in the sun or going in water is a no no so if you get it in the summer that is two weeks at least of no summer fun while winter it doesnt matter
snow
10:04
i think the piercer just did a bad job. my ex and i's piercings both got infected
babycat
10:04
maybe you’re spiritually aligned like that
Dkk
10:04
Gross, piercings.
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