At an auction,Vigo bids on an object,believing that it is worth more than the price asked.When the item proves to be less valuable,Vigo is
A)liable on the bid.
B)not liable on the bid because Vigo misestimated the value.
C)not liable on the bid because the auctioneer misstated the value.
D)not liable on the bid because the object was probably overpriced.

Question

Quizplus · Accepted Answer

When Vigo bids on an object at an auction, he is legally bound to honor his bid, regardless of whether he misestimated the value or the auctioneer misstated the value. Therefore, Vigo is liable on the bid, meaning he must pay the amount he bid for the item.

At an Auction,Vigo Bids on an Object,believing That It Is