Simple English definitions for legal terms
Read a random definition: lex mercatoria
An auction is a way of selling things where people bid on the item they want to buy. The person who offers the highest amount of money gets to buy the item. There are different types of auctions, like ones where the seller sets a minimum price and ones where there is no minimum price. In a Dutch auction, the price starts high and gets lower until someone buys the item. Sometimes, people agree not to bid against each other in a knock-out auction.
An auction is a sale where people bid on items and the highest bidder gets to buy the item. The sale is complete when the auctioneer announces it in a customary manner, like pounding a hammer. There are different types of auctions:
Examples of auctions include:
These examples illustrate how auctions work. People bid on items they want and the highest bidder gets to buy the item. The auctioneer announces when the sale is complete and the item is sold to the highest bidder.