Bailey attended an auction and bid $150 on an antique dresser. No one else made a higher bid. Discuss the effect of (a) the designation that the auction is without reserve, (b) the advertisement that the auction is with reserve, and (c) the lack of any announcement or advertisement as to whether the auction is with or without reserve.

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The Answer of Bailey attended an auction and bid $150 on an antique dresser. No one else made a higher bid. Discuss the effect of (a) the designation that the auction is without reserve, (b) the advertisement that the auction is with reserve, and (c) the lack of any announcement or advertisement as to whether the auction is with or without reserve.

Bailey Attended an Auction and Bid $150 on an Antique