Which of the following is true for an auction without reserve?
A)The bidder is considered the offeror.
B)The seller need not accept the highest bid.
C)The auctioned item cannot be withdrawn from sale.
D)The auctioneer is not allowed to establish a minimum bid.

Question

Quizplus · Accepted Answer

In an auction without reserve, the seller is committed to selling the item to the highest bidder, meaning the item cannot be withdrawn once bidding has started. This contrasts with a reserve auction, where the seller may set a minimum price and can choose not to sell if the bids do not reach this reserve.

Which of the Following Is True for an Auction Without