Owen decides to sell his ranch, Pine Ridge, in a live auction. When the auctioneer puts the property up for bids, it will be

Question

Quizplus · Accepted Answer

When the auctioneer puts the property up for bids, it is considered an invitation for interested parties to submit offers, not an offer itself. The auctioneer is not obligated to accept any particular bid, and the seller (Owen) has the right to reject any offer made during the auction process. Therefore, it is not classified as a formal offer.

Owen Decides to Sell His Ranch, Pine Ridge, in a Live