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LSDefine

Simple English definitions for legal terms

auction

Read a random definition: lex mercatoria

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

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my brother is a combat medic too
BulbasaurNoLikeCardio
10:46
@m10: was a great career, the main job is being a cultural expert building rapport and relationships with foreign nationals, militaries and even people hostile to make the area safer and at times bring in the ODAs or three letter guys to train, arm and fund them to aid in their(our) cause. OCONUS is great but not necessary, I only did two real deployments but a lot of missions to places. That is all 110% BS. I have a TS-SCI, worked with federal agencies they do nothing crazy like that.
shaquilleoatmeal
10:47
Damn - 3rd invite missed smh no love for me from hls
m10
10:49
@jackfrost11770: That's like a huge pitfall. People say it's easy to get into like med school or law school through West Point and it is not at all. Yeah, Russian would make you very valuable to them. You will see West Point people in law school but that's very few compared to how many went through the prelaw program there. Best just to enlist and become a combat medic. I've seen like 4 of em here anyway so you didn't really miss anything by going straight to law school.
BulbasaurNoLikeCardio
10:49
I "speak" Dutch but never used it after training back in 2012. Russian is great if you can get into INTEL but outside of that they would just assign you a lot of NATO roles if you go EUCOM. If you go Jag it may score you a nice job in Europe but at this point with the lack of benefits the military would give you just go state department as an attorney and you will travel the world.
m10
10:50
@BulbasaurNoLikeCardio: Oh yeah, I get that. My buddy just got back from Jordan and he gained like 25 lbs there just being a fat ass doordashing for 50 cents a delivery.
yeah haha i mean i was like 15 so i didn't know anything, and yeah that makes complete sense. my main thing was that i knew i didn't want to go to medical school and i didn't want to straight out enlist so that kinda closed the door on that
glovediedthisishismom
10:50
please listen
m10
10:51
@BulbasaurNoLikeCardio: indeed, it could but I could also just like visit on my own time. Though I have met like 10 or so JAG officers that got an Italian or French or Spanish wife while over in Europe so that is cool.
but i'd love to talk to you about that sometime if that's alright because i've been seriously considering INTEL and other similar roles but i know quite literally nothing about it and don't know where to start researching
m10
10:52
@glovediedthisishismom: oh my god that guy is a psychopath. Tjhat guy scares me.
m10
10:52
@jackfrost11770: Best bet if going law route is Law School to JAG to either Mead or Gordon imo then.
m10
10:53
NSA shit to start. If you can go straight into a GS job then you should go for it.
BulbasaurNoLikeCardio
10:54
@jackfrost11770: I have my undergrad in Intelligence and Terrorism and worked a good bit in the IC so I can answer some broad questions but not many direct because the nature of the field. If you want to go to law school and get your JD it really depends what intel work you would want to do and where you want to live.
thank you!! yeah i also know they always need STEM grads ofc, so i know i have that going for me as well
m10
10:58
Fuck now that Gary Gensler is resigning, this is like a dream job for me. Would love to do securities: https://www.usajobs.gov/job/819640900
m10
10:58
Best job on the wbesite rn.
BulbasaurNoLikeCardio
11:00
If you do it from the attorney side you will be skirting the left and right limits of laws like the NDAA to conduct domestic espionage or how to kidnap or spy on people in foreign countries without committing war/international crimes. JAG would be very very general and location based. At one unit you can be the personal attorney to a commander not even having your own office or desk, next one you can be leading the prosecution of terrorist and rapist and the next one be the legal OK for drone striking people. It is a very varied job you have little control over.
Dkk
11:01
Lmfao, so true.
BulbasaurNoLikeCardio
11:02
The last jag I worked with had a folding picnic table as his desk and had to bring his office chair home every night because people would steal it and he hated using a bucket as a seat. All he did was keep commanders from being fired cause they kept doing illegal shit. It is a varied journey.
Dkk
11:04
This is so true. I still have my folding table. I put alcohol on it now and it is my home bar.
11:04
How do you recommend grooming a child so they become a sf operator?
11:05
Asking for my future child who will get boot camp from birth
Dkk
11:05
Make em read books and hope they go that route.
LSDFan
11:05
give them a TBI as soon as possible
Dkk
11:06
LMFAO
11:06
@Dkk: "im the man of the house now i am buying a gun:
babycat
11:06
For one I would try not asking questions that start with “How do you recommend grooming a child?”
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