Heber Hart

“ Where the third party is prevented from making the valuation by the fault of the seller or buyer, the party not in fault may maintain an action for damages against the party in fault. Where the fixing of a value by valuers is not of the essence of an agreement, but is wholly subsidiary to it, the courts will, if justice require it, ascertain the value in order to carry the agreement into effect. ”

“ Where a sale is expressed to be without reserve, or where an upset price has been reached, the auctioneer must, after the lapse of a reasonable interval, accept the bid of the highest bona fide bidder. ”

“ The agent’s authority may be revoked at any time; but, where he has already performed the service for which he was employed, the principal cannot defeat his right to be paid the amount of the commission by subsequently revoking his authority. If the agent is unsuccessful in finding a purchaser or tenant, as the case may be, he will not, as a rule, have any right to remuneration for his efforts in the matter. ”

“ Puffing is unlawful. Unless a right to bid is expressly reserved on behalf of the vendor, he must neither bid himself nor employ any one else to bid. When a right to bid has been expressly reserved, the seller or any one person (but no more) on his behalf may bid at the auction. If it is simply announced that the sale is to be subject to a reserved or upset price, no bidding by or on behalf of the seller is permissible: it is only lawful to declare by some appropriate terms that the property is withdrawn. ”

“ Although a valuer cannot be expected to possess a minute and accurate knowledge of the law, he ought to be acquainted with the general principles applicable to the valuations which he undertakes so far as is necessary in order to enable him to make them properly. The valuer, however, will be liable for the consequences of his negligence only towards the person who employed him, and not to any one else who may happen in fact to have been prejudiced thereby. ”

“ An auctioneer is bound under a penalty of £20 to see that his full name and address are displayed before the commencement of an auction and during its continuance in the place where he conducts it. He is the agent of the vendor only, except in so far that, after he has knocked down a lot to the highest bidder, he has authority to affix the name of the latter to a memorandum of the transaction, so as to render the contract of sale enforceable where written evidence is necessary. ”

“ Moreover, an unlicensed appraiser cannot recover remuneration. A valuer is liable to the person who has employed him for the consequences of negligence or want of due care and skill on his part. If his services are thereby rendered worthless he will not be able to recover anything by way of remuneration. A valuation of a house taken by a railway company made by a surveyor who did not enter the house was held not to be a proper valuation. ”

“ The valuation will proceed upon the basis that the property should return to the purchaser the capital which he invests together with interest at the rate so settled, or afford him security for such interest while he keeps the property and the return of the capital when he desires to realize it. ”

“ Where the agent can show that he has brought about a sale or tenancy he will be entitled to the commission notwithstanding the fact that another agent has been paid, or has recovered in an action, commission in respect of the same sale or tenancy. ”

“ One of the chief risks run by an auctioneer is that of being held liable for the conversion of goods which he has sold upon the instructions of a person whom he believed to be the owner, but who in fact had no right to dispose of them. ”

“ Where it is desired to ascertain the amount which may properly be invested in the purchase of land or buildings, the valuer will consider their character and situation, and the greater or less degree of risk incidental to their nature, in order to determine the rate of interest which they ought to yield. ”

“ Sometimes property is offered on lease to the highest bidder. “Roup” is the Scottish term for an auction. A bid in itself is only an offer, and may accordingly be retracted at any time before its acceptance by the fall of the hammer or otherwise. ”

“ By not doing so he would render the vendor liable in damages. The auctioneer must not make a pretence of receiving bids which are not in fact made, as it would be fraudulent to run up the price by such an artifice. ”

“ Most auctioneers, in addition to holding auctions, carry on the business of house and estate agency. The number of licences issued to house agents and appraisers in England for the year ended 31st March 1899 was 4429, and for the year ended 31st March 1909, 4618. ”