Re: Farm Auctions and how they are run?

Posted by NEsota on January 30, 2007 at 07:29:57 from (64.131.53.230):

In Reply to: Farm Auctions and how they are run? posted by B. Abseck on January 29, 2007 at 16:23:35:

Gerald J., When I took a Business Law course, this was not for people who expected to practice law just for those wanting to get along in life, we were told that after bidding for an item you have the right to cancel your bid any time until the auctioneer accepts your offer. In your baler example an $800 bid was supposedly accepted. That should cancel any bids made at a lower price. The baler was probably well worth the $700 to you but I, when bidding think of the auctioneer as an opponent and if they get a little egg on their face while representing the best interests of the seller, well, that’s good entertainment. My guess is that if the bidding was restarted, it would have brought <$700. Disclaimer, do not treat this as legal advice.

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