18:14
omg me too
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Simple English definitions for legal terms
fall of the hammer
Read a random definition: ACPA
A quick definition of fall of the hammer:
Fall of the Hammer: When an auctioneer closes bidding by hitting a hammer or gavel on a surface. This means that no more bids can be made and the item being auctioned is sold to the highest bidder. Sometimes, instead of using a hammer, the auctioneer will make a verbal announcement that bidding is closed.
A more thorough explanation:
Fall of the hammer is a term used in auctions to describe the moment when the auctioneer closes the bidding and announces the winning bid. Traditionally, the auctioneer would bang a hammer or gavel to signal the end of bidding.
For example, if someone is bidding on a painting at an auction, the auctioneer will say "Going once, going twice, sold!" and then bang the hammer to indicate that the bidding is closed and the painting has been sold to the highest bidder.
In some cases, such as online auctions, the auctioneer may not physically bang a hammer, but instead make a verbal announcement that bidding is closed.
Overall, the fall of the hammer is an important moment in an auction because it signifies the end of bidding and determines who the winning bidder is.