Re: Re: Re: Bank Sealed bid auction rip off!

Posted by Nolan on February 08, 2002 at 07:36:48 from (209.48.190.220):

In Reply to: Re: Re: Bank Sealed bid auction rip off! posted by Mark on February 07, 2002 at 14:13:05:

With your clarifications, we can now reasonably assume that the Bank (or auctioneer) cancelled the auction after the final bid was accepted, and the gavel effectively fell. That is still quite possibly legal.

First reason is a bilateral mistake. The mistake must have to do with substance. The fact that the snowmobile is operable when in fact it was presented as not operable could be considered to be of substance. Though it takes a bit of stretching for this.

The second reason is fraud. As soon as the bank learned/discovered that the snowmobile in fact does operate, they were legally required to disclose this. The chances of their getting sued for failure to disclose this are minute, but if the reverse were the case, they certainly would be sued for it. As such, they have a duty to correct this.

Fraud is also a bit of a stretch, since the winning bidder would not suffer any damages as a result of receiving a snowmobile that does in fact operate.

I'll agree with you it's rather tacky of the bank to have done it, but it's far from unprecidented. You could fight them if you wish, particularly if you were the winning high bidder. You very well might prevail in court.

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