In an auction, a bid is an offer, and not a contract, until the auctioneer accepts the bid.

Name: In an auction, a bid is an offer, and not a contract, until the auctioneer accepts the bid.
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In an auction, a bid is considered an offer to buy the item at the stated price, and it only becomes a binding contract when the auctioneer accepts the bid, typically by declaring the item sold to the highest bidder.

In an Auction, a Bid Is an Offer, and Not