11:19
I have a confession.
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LSDefine
Simple English definitions for legal terms
with reserve
Read a random definition: Uniform Enforcement of Foreign Judgments Act
A quick definition of with reserve:
Term: WITH RESERVE
Definition: When something is sold at an auction with reserve, it means that the item will only be sold if the highest bid is higher than a certain minimum price. This is like saying "I won't sell this for less than a certain amount."
A more thorough explanation:
Definition: With reserve means that an item being sold at an auction will only be sold if the highest bid is higher than a minimum price set by the seller.
Example: A painting is being auctioned off with a reserve price of $10,000. If the highest bid is $9,000, the painting will not be sold. However, if the highest bid is $11,000 or more, the painting will be sold to the highest bidder.
Explanation: This example illustrates how an auction with reserve works. The seller sets a minimum price for the item being sold, and if the highest bid does not meet or exceed that price, the item will not be sold. This ensures that the seller does not have to sell the item for less than they are willing to accept.