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Warning
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LSDefine
Simple English definitions for legal terms
without reserve
Read a random definition: assumption of risk
A quick definition of without reserve:
Without reserve means that an item will be sold to the person who offers the highest amount of money at an auction. It's like a game where people bid on something they want, and the person who bids the most gets to take it home. There are no limits or restrictions on how much someone can bid, so it's important to have enough money if you really want to win!
A more thorough explanation:
Definition: Without reserve means that an item will be sold to the highest bidder at an auction, with no minimum price set.
Example 1: The painting will be sold without reserve, so it could go for a very high price.
Example 2: The antique car was sold without reserve, and ended up selling for much more than anyone expected.
These examples illustrate how an item sold without reserve can potentially sell for a very high price, as there is no minimum price set and bidders are free to bid as high as they want.