At an auction for the first time,Darcy bids on a one-hundred-year-old Edison-brand phonograph,believing that it is worth more than the price asked. When the item proves to be less valuable,Darcy is
A)liable on the bid.
B)not liable on the bid because Darcy overestimated the value of the item.
C)not liable on the bid because the auctioneer overstated the value of the item.
D)not liable on the bid because this was Darcy's first auction

Question

Quizplus · Accepted Answer

When Darcy bids on the phonograph at the auction, she becomes liable on the bid, regardless of whether she overestimated the phonograph's value or the auctioneer overstated its value. As a bidder, Darcy is accepting the risk that she may bid more than the item is actually worth.

At an Auction for the First Time,Darcy Bids on a One-Hundred-Year-Old