At an auction, Benny 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 Benny estimated, and thus is worth less as is, Benny is

Question

At an auction, Benny 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 Benny estimated, and thus is worth less as is, Benny is​

Quizplus · Accepted Answer

Benny is still liable on the bid because he made a legally binding agreement to purchase the car at the price he bid, regardless of any changes in the car's value. Under the principle of caveat emptor, which means "buyer beware," it is the buyer's responsibility to assess the value of the item before bidding, and Benny assumed that risk when he placed his bid.

At an Auction, Benny Bids on a 1957 Chevy Coupe