Cengage Advantage Books: Law for Business 18th Edition by John Ashcroft ,Janet Ashcroft

Exercise 8

Richard Foley and Timothy Wheelock owned an office condominium as tenants in common. Foley petitioned the court to partition the property, and the court ordered it be sold at public auction with a reserve price of $179,000 The auction was held, but because the high hid was only $140,000, the auction was concluded without the condominium being sold. Wheelock asked the court to waive the $179,000 reserve price and allow him to purchase the property for $140,000, the high bid The court agreed that the fair market value of the property was $140,000 and allowed Wheelock to purchase it for that price. Can the property be sold for less than the reserve price?