Is a bidder in a silent auction required by law to pay if they change their mind or the item is not as presented?
Are you an attorney? Sign up to answer this question.
Legal Answers Categories
Business Law Answers
A bidder at a silent auction under the laws of all states in this country is required to pay for the item he or she successfully bids upon regardless if he or she changes their mind.
The exception is if there was a misrepresentation as to the item subject to bid and the bidder was not able to find out about the misrepresentation before the successful bid, or if the item is damaged or destroyed before the successful bidder makes payment for the item.
Related Business Questions
- What Happens to Second Mortgages in a Foreclosure?
- Can a store raise the price of an item that was already purchased but not yet delivered?
- My financial silent partner has had sole control over the corporate bank account and has misused the...
- Buying a Foreclosed Property—Benefits and Pitfalls
- Can the natural parent or the adoptive parent change his/her mind after adoption?
Didn't find your answer? Ask.
Top Ranking Attorneys
- Kevin Bessant432 Answers|Points 5850Gold Contributor
- Madan Ahluwalia104 Answers|Points 1900Silver Contributor
- Kenneth Berger33 Answers|Points 1630Bronze Contributor
- Harun Kazmi60 Answers|Points 840Bronze Contributor
- Hong Shen528 Answers|Points 800Platinum Contributor
- Jason Ostendorf12 Answers|Points 600Bronze Contributor
- Hong Shen528 Answers|Points 26400Platinum Contributor
- Kevin Bessant432 Answers|Points 21580Gold Contributor
- Steven Fromm113 Answers|Points 5430Silver Contributor
- Madan Ahluwalia104 Answers|Points 5170Silver Contributor
- Kelly Broadbent93 Answers|Points 4600Silver Contributor
- Glenn M. Lyon, Esq.93 Answers|Points 4530Silver Contributor
Are you a lawyer?Want to be featured here? Sign up for a free profile and get started today! Click Here