At an auction, Ben bids on a 1957 Chevy coupe, believing that it is worth more than the price asked. When the car proves to need more repairs than Ben estimated, and thus is worth less as is, Ben is

Question

Quizplus · Accepted Answer

Ben is still liable on the bid because a bid at an auction is considered a binding offer, and once accepted, it forms a contract. Misestimating repair costs does not void the contract.

At an Auction, Ben Bids on a 1957 Chevy Coupe