Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

auction

Read a random definition: implied promise

A quick definition of auction:

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.

A more thorough explanation:

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:

  • Absolute auction: The property is 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 nullify the bidding by outbidding all other bidders.
  • With reserve auction: The property will not be sold unless the highest bid exceeds a minimum price.
  • Dutch auction: There are different types of Dutch auctions. One type is where the property is initially offered at an excessive price that is gradually lowered until the property is sold. Another type is where several identical items are offered simultaneously, one to a bidder, and sold to the highest bidders for the amount of the lowest winning bid.
  • Knock-out auction: Two or more bidders have agreed in advance not to bid against one another. This type of auction is not allowed in most jurisdictions.

Examples of auctions include:

  • A charity auction where people bid on items to raise money for a cause.
  • An art auction where people bid on paintings or sculptures.
  • An online auction where people bid on items from their computer or phone.

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.

A.U.C. | auctioneer

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
18:48
true i love ur user
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
LSD+ is ad-free, with DMs, discounts, case briefs & more.