In an auction with reserve, the bidder can withdraw his or her bid after an acceptance has been indicated from the offeror.

Question

Quizplus · Accepted Answer

In an auction with reserve, once the bidder's offer has been accepted and a contract formed, the bidder cannot withdraw their bid. This is because the reserve price acts as a safeguard for the seller, ensuring that they will receive a minimum acceptable price for the item being sold. Once the reserve has been met and the bidder's offer accepted, a binding contract is formed and the bidder is obligated to complete the transaction.

In an Auction with Reserve, the Bidder Can Withdraw His