Simple English definitions for legal terms
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An auction sale is when people gather to buy and sell things. The person who offers the most money for an item gets to buy it. In some auctions, there is a minimum price that must be met before the item can be sold. There are different types of auctions, like Dutch auctions where the price starts high and goes down until someone buys it, or knock-out auctions where some people agree not to bid against each other. Once the auctioneer announces that the sale is complete, the item belongs to the highest bidder.
An auction sale is a type of sale where property is sold to the highest bidder. The sale is complete when the auctioneer announces it in a customary manner, such as by pounding a hammer. There are different types of auction sales:
Examples of auction sales include:
These examples illustrate how auction sales work and the different types of auctions that can take place.