21:15
Feel like I can finally stop holding my breath!! Whew!!!
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LSDefine
Simple English definitions for legal terms
upset price
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A quick definition of upset price:
Upset price: The upset price is the minimum price that an item can be sold for at an auction. It is the starting point for bidding and if no one bids higher than the upset price, the item will not be sold. Think of it like a floor price that cannot be lowered.
A more thorough explanation:
Definition: The minimum price that a seller is willing to accept for an item being sold at an auction. If the bidding does not reach the upset price, the item will not be sold.
Example: A painting is being auctioned off with an upset price of $10,000. Bidding starts at $5,000 and gradually increases to $9,000. However, no one is willing to bid higher than $9,000, which is below the upset price. As a result, the painting remains unsold.
Explanation: The example illustrates how the upset price serves as a safeguard for the seller, ensuring that they do not sell their item for less than they are willing to accept. In this case, the seller was not willing to accept less than $10,000 for the painting, so the auction was unsuccessful as the bidding did not reach that amount.