The lawyers of Leo's estate put an auction ad in the local newspaper asking "without reserve" bids on his 100-acre ranch along the Guadalupe River.All bids were to be texted by 5 P.M.August 1st.Only one bid was sent,and that was Sam's bid of $100.Assuming no other legal issues,the Estate of Leo and Sam have an enforceable agreement for the purchase and sale of the ranch for $100.

Question

Quizplus · Accepted Answer

The auction ad specified "without reserve" which means there is no minimum price for the sale of the ranch. Sam's bid of $100 was the only bid received and therefore, the Estate of Leo has no choice but to sell the ranch to Sam for $100. There are no other legal issues mentioned in the scenario that would affect the enforceability of the agreement.

The Lawyers of Leo's Estate Put an Auction Ad in the Local