At an auction for the first time,Dulcinea bids on a one-hundred-year-old Edison-brand phonograph,believing that it is worth more than the price asked.When the item proves to be less valuable,Dulcinea is
A)liable on the bid.
B)not liable on the bid because Dulcinea overestimated the value of the auctioned item.
C)not liable on the bid because the auctioneer overstated the value of the auctioned item.
D)not liable on the bid because this was Dulcinea's first auction.

Question

Quizplus · Accepted Answer

Dulcinea is liable on the bid because she made a voluntary offer to purchase the item at a certain price, and the auctioneer accepted her bid. The fact that she overestimated the value of the item does not release her from her obligation to pay for it. It is the responsibility of the bidder to do their research and determine the value of the item before making a bid.

At an Auction for the First Time,Dulcinea Bids on a One-Hundred-Year-Old