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Simple English definitions for legal terms

auction sale

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A quick definition of auction sale:

An auction sale is when people gather to buy and sell things. The person who offers the most money for an item gets to buy it. In some auctions, there is a minimum price that must be met before the item can be sold. There are different types of auctions, like Dutch auctions where the price starts high and goes down until someone buys it, or knock-out auctions where some people agree not to bid against each other. Once the auctioneer announces that the sale is complete, the item belongs to the highest bidder.

A more thorough explanation:

An auction sale is a type of sale where property is sold to the highest bidder. The sale is complete when the auctioneer announces it in a customary manner, such as by pounding a hammer. There are different types of auction sales:

  • Auction without reserve: In this type of auction, there is no minimum price, and the owner cannot withdraw the property after the first bid. The highest bid creates an enforceable agreement.
  • Auction with reserve: In this type of auction, the property will not be sold unless the highest bid exceeds a minimum price.
  • Dutch auction: This type of auction can have different meanings depending on the context. It can be an auction where the property is initially offered at an excessive price that is gradually lowered until the property is sold. It can also be an auction where several identical items are offered simultaneously, one to a bidder, and sold to the highest bidders for the amount of the lowest winning bid.
  • Knock-out auction: This is an auction where two or more bidders have agreed in advance not to bid against one another. This type of auction is not allowed in some jurisdictions.

Examples of auction sales include:

  • An auction without reserve for a painting where the bidding starts at $1 and goes up until someone bids the highest amount, creating an enforceable agreement.
  • An auction with reserve for a car where the minimum price is $10,000, and the car will not be sold unless the highest bid exceeds that amount.
  • A Dutch auction for a box of apples where the auctioneer starts with a high price and gradually lowers it until someone buys the box.
  • A knock-out auction for a rare stamp where two collectors agree not to bid against each other, and one of them wins the auction.

These examples illustrate how auction sales work and the different types of auctions that can take place.

auction market | auctor

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ParallelAgreeableOrangutan
22:02
tbh kinda losing my mind, I'm visiting my parents in my childhood home and whenever I do this I remember why I never do this aahhaha
ParallelAgreeableOrangutan
22:02
My dog likes it here tho
ParallelAgreeableOrangutan
22:02
How are youuuuu?
llama
22:26
@ParallelAgreeableOrangutan: Deep/tough. Feels. Im well working on a project so im happy :)
NemoPropheta
22:28
should i hit the dmt pen in the sauna and meet god
ParallelAgreeableOrangutan
22:31
Ooh what kind of project? Work, passion, neither, both?
ParallelAgreeableOrangutan
22:31
@NemoPropheta: do it do it
NemoPropheta
22:37
alright day before my lsat ill hit a blinker in the sauna and become one with the test
llama
22:47
@ParallelAgreeableOrangutan: law school data so just passion.
llama
22:47
@NemoPropheta: noo they drug test before the LSAT! U will get flagged!
ParallelAgreeableOrangutan
23:19
I'm intrigued llama
ParallelAgreeableOrangutan
23:21
Holdddddup all that number crunching on your lsd profile is your work? Damn
ParallelAgreeableOrangutan
23:21
I don't visit y'all's profiles enough, clearly
NarrowFaithfulCougar
0:22
@NemoPropheta: Ahh yeah, the Sauna. That's some good Nordic shit. Beats the hot tub hands down. Plus everyone is naked.
llama
1:23
@ParallelAgreeableOrangutan: got that weaponized autism in gear, we out here.
RasheedWallaceFan
12:52
@llama: your cycle confuses me, your stats are good and you applied early but all of those Rs? Is there anything weird about your app?
RasheedWallaceFan
12:53
do you have C&F issues or something?
RasheedWallaceFan
12:55
also ur first choice is kansas but you didnt apply there?
llama
12:55
@RasheedWallaceFan: Hi. Yes, I waited for April LSAT, put almost all apps (which were sent really early) so that basically most of my apps were reviewed In May. Shot myself in the foot for 155 -> 161 lmao. Would not recommend 10/10
llama
12:57
@RasheedWallaceFan: unironically, KSLS was my top choice, however by April LSAT their app had closed. It was like waiting to date ur dream partner, but waiting until you graduate uni, then by the time u graduate uni, your soul mate is already married with 2.4 kids and 1.6 dogs. Heartbreak.exe fr fr
NemoPropheta
12:58
are you R&Ring?
llama
13:00
No, I think what I will do is flip a coin: heds NKU, tails NEL|B what u guys think bout dat. Then once 1L - if good at LS, try to transfer, if bad at LS or one of my grandiose ideas/inventions are viable, drop out and pursue.
RasheedWallaceFan
13:10
oh so you submitted the apps with a lower lsat and then retook
RasheedWallaceFan
13:10
got it
Bettercaulsaul
13:33
Most schools will hold your application for the next test score to be released into your account as well. I was notified by an admissions director that if a decision is processed they will not retroactively go back for the new score even if higher
ParallelAgreeableOrangutan
13:34
I vote NEL-Boston so we can be friends :D
ParallelAgreeableOrangutan
13:34
But it says you withdrew?? :(
ParallelAgreeableOrangutan
13:41
@Bettercaulsaul: in my experience, there is often an option on the application for you to choose whether you'd like them to review your application as-is ASAP or hold it until your new score is released. but it probably varies by school—I just remember seeing that option on at least a few app forms
llama
2:21
While I am unsure of what option you are referring to, I personally just emailed each school and asked for them to hold my app pending my lsat score release.
llama
2:22
Sorry WNE = Western New England not NEL|B
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