Bid (auction)

“ 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. ”

“ 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or on behalf of the seller is permissible: it is only lawful to declare by some appropriate terms that the property is withdrawn. ”

“ For, though puffing or by-bidding, as it is often called, will, under both systems alike, render an auction sale voidable at the option of a purchaser when it amounts to fraud, the weight of authority in the United States is in favour of the view that an owner may, without notice, employ a person to bid for him, if he does so with no other purpose than to prevent a sacrifice of the property under a given price. ”

“ Auction is a public sale to the party offering the best price where the buyers bid against each other, or to the bidder who first accepts the terms offered by the vendor where he sells by reducing his terms until someone accepts them. The latter form is known as a Dutch Auction. A sale by auction must be conducted in the most open and public manner possible; and there must be no collusion on the part of the buyers. Puffing, or mock bidding, to raise the value by apparent competition, is illegal. ”

“ The average value of a rubber at auction is about 400 points. Any much larger figure shows bad bidding. In straight bridge the average is about 180. In settling at the end of the rubber, it is usual for each losing player to pay his right-hand adversary.
MAKING THE TRUMP. In auction, the dealer begins by naming any one of the four suits, or no trumps, for any number of tricks he pleases. Each player in turn to the left then has the privilege of passing, bidding higher, or doubling. When three players pass a bid, it is the highest made and is known as the Winning Declaration or Contract. ”

“ SUGGESTIONS FOR GOOD PLAY. The great secret of success in auction lies in sound bidding, so that no bid shall have a double meaning and the partner may be able to rely absolutely on the information which the bid should convey. ”

“ With items of considerable importance, it is sometimes a better plan for several reasons, under present auction conditions, to place the bid in the hands of a well-known, reliable dealer who will bid in the book for a small commission on the price paid, and who will assume responsibility for the book being correct and perfect as represented in the catalogue. ”

“ In the excitement of auction sales higher prices may be paid than would be prudent, or, indeed, it may be that the quality of the specimen bid for is not exactly that which the buyer requires, and the difficulty of changing it is accentuated when the purchaser buys at an auction. ”

“ The bill further alleges, that there was no real bid at said auction for more than $16,000 or $18,000; but that the auctioneer, by sham bids, run up said Foster from about $16,000 to $40,000, Foster's being the only real bon a fide bids over about $16,000; by means of which pretended bidding and management of the auctioneer, defendants have received from the complainant a large sum of money which they ought not to have received; and so the complainant has been deceived and defrauded. ”

“ I actually thought I would hae drapped through the earth wi’ perfect shame, though I was a little relieved when I saw he was set down for an idiot, and heard the gentlemen freely crack their jokes on him. Weel, the auction commenced, and when twa or three bids were gi’en, he looks up at the cant-master so innocently, and says, in his ain style, ‘Ho, ho, may I gie a bid?’ ‘To be sure, my fine fellow,’ says the man, laughing doon at him; ‘bid up, and nae doot ye’ll get the property.’ The bidding was up to £150. ‘£200,’ cries Jack, the roars o’ the company. ”

“ 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. ”

“ Even if the auctioneer promises that he will accept the highest offer, that is, that he will sell to the highest bidder, his promise to accept the highest bid, not being paid for, would not be binding upon him were it not for a statute in some States which, in the sale of goods, would make an auctioneer bound to keep a promise to sell without reserve, that is, to the highest bidder, if he made such a promise. ”

“ An authorized auctioneer is regularly appointed at each place, and a scribe carefully enters the name of the successful bidder, the article he has purchased, and the price. Three months of grace are allowed before such a bill becomes due, but then the buyer must at once pay the sum due or make some arrangement satisfactory to the seller. When natives, whose assets are always limited, have purchased a number of articles, the scribe frequently takes upon himself the responsibility of ordering them not to bid again. ”

“ It is, then, a leading feature in this case, that should not be overlooked, as it gives a stamp and character to the whole equity as between these parties in favor of the plaintiff, that the respondents fixed the minimum bid for the sale of their property at $14,500, and authorized the auctioneer to dispose of it for that amount, when in truth, by some means or other, and without any real rival bids above $20,000, they obtained for it $40,000. ”

“ Article 34
⁠A bidder may take part in bidding by himself or authorize his agent to participate in it.
Article 35
⁠A bidder shall have the right to be informed of defects of the objects of auction and the right to inspect them and to have access to information pertaining to them.
Article 36
⁠Once a bidder bids for a price, it shall be irrevocable, and it shall lose its binding force as soon as another bidder offers a higher price. ”

“ The bidding went on. One by one the numbers were sold until all were gone. Then the auctioneer announced that bids for the “high field,” that is, any number above five hundred and ninety-four, were in order. My companion suddenly came to life.
“Ten pounds,” he called.
I started. “For mercy sake, Mr. Heathcroft,” I protested, “don't let anything I have said influence your bidding. I may be entirely wrong.”
He turned and surveyed me through the eyeglass.
“You may wish to bid yourself,” he drawled. “Careless of me. So sorry. Shall I withdraw the bid?”
“No, no. I'm not going to bid. ”

“ An auctioneer has authority to accept the bid most favorable to the seller when the sale is made without reserve and to strike down the property to the purchaser. He cannot therefore consistently with his duty to his principal refuse to accept bids, unless the bidder is irresponsible or refuses to comply with the terms of the sale. He is justified in rejecting the bids of insane persons, minors, drunken persons, trustees of the property, and perhaps in some cases of married women.
An auctioneer cannot transfer his duty to another. ”

“ 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. ”

“ But we consider that a power to a trustee to sell at public auction, after a certain public notice of the time and place of sale, includes the power regularly to adjourn the sale to a different time and place, when, in his discretion fairly exercised, it shall seem to him necessary to do so in order to obtain the fair auction price for the property. ”

“ Before you enter an auction-room make up your mind as to price, and do not be led away by the persuasions of the auctioneer, who is the agent of the seller, or the biddings of others. Do not sign a contract tendered to you by the auctioneer, unless a reciprocal contract is signed and delivered to you at the same time by him. In writing about the sale or purchase of an estate, you should always cautiously declare your offer not to be final, lest the other party should, by accepting the terms you mention in your letter, not intending them to be final, entrap you into a binding contract. ”

“ Authority may be conferred on an auctioneer in the same manner as on any other agent for the sale of similar property, verbally or in writing. Even to make a contract for the sale of real estate, oral authority to the auctioneer is sufficient, in the absence of a statute to the contrary.
Authority to sell property does not of itself imply authority to sell it at auction, and the purchaser therefore who has notice of the agent's authority or knowledge sufficient to put him on inquiry, acquires no title to the property thus purchased. ”

“ The second section provided that 'any part of the goods or property received or collected by such agent or agents may be appropriated to public use on due appraisement and certificate thereof, or forwarded to any place of sale within the loyal states as the public interests may require; and all sales of such property shall be at auction to the highest bidder, and the proceeds thereof shall be paid into the treasury of the United States.' Id. ”

“ To complete a sale by auction there must be a bidding by, or on behalf of, a person capable of making a contract, and an acceptance thereof by the auctioneer, and until the bidding is accepted both vendor and bidder are free, and may retract if they choose. ”

“ First Point.-The decree of the Circuit Court cannot be sustained, unless, by an unbending rule which admits of no exception or qualification, the power of the master to sell is absolutely limited to a sale by auction, with the advantage of free competition between rival purchasers. If, in any case, or under any circumstances, he may sell by private contract and to a single purchaser, the decree is erroneous.
I. The authority of the master to sell in cases of extreme necessity like the present, is, as a general proposition, definitively settled. ”

“ Upon a sale by auction it is the rule to require a deposit to be paid by way of security to the vendor against default on the part of the purchaser.
The signature of the agreement is followed by the delivery to the purchaser or his solicitor of the abstract of title, which is an epitome of the various instruments and events under and in consequence of which the vendor derives Abstract of title. his title. A purchaser is entitled to an abstract at the vendor’s expense unless otherwise stipulated. ”

“ A party bidding at a foreclosure sale makes himself thereby a party to the proceedings, and subject to the jurisdiction of the court for all orders necessary to compel the perfecting of his purchase; and with a right to be heard on all questions, thereafter arising, affecting his bid, which are not foreclosed by the terms of the decree of sale, or are expressly reserved to him by such decree. ”

“ The Circuit Court of Appeals, after indicating its belief that the power to appoint a receiver is a drastic one and that it should be sparingly employed, concluded that its use was not warranted by the circumstances of this case. Its reasoning was that the sole interest of the petitioner was its option either to confiscate the excess acreage or to have it sold at public auction. 'The People do not need a receiver to protect the option. If and when the time comes for the court to decree a sale of the land at public auction a master can be appointed to carry through the sale. ”

“ The opinion of the defendants' witnesses, that a sale in lots would not have been more advantageous, is entitled to little weight, when they themselves prove that no single estate of such magnitude exists, and none equal to it has ever been exposed at auction sale in that section of country, and it is obvious that by reducing the parts within the ability of bidders much more competition might have been expected. ”

“ Shipment of the purchased lots will be effected at the expense and risk of the buyer upon receipt of full payment.
The bidder accepts the conditions of sale set out above by the submission of bids. either verbal or written. Written bids w ill be carefully executed by I los-Divo AG free of charge. Written bids below 80 % of the estimated prices will not be accepted.
In all other respects which are not governed by the present conditions of sale by auction, the provisions of the Ordinance issued by the Supreme Court of the Canton of Zurich on 19 December 1979. ”

“ Real-estate firms had advertised auctions, put up lots for sale, and, when those in attendance languidly refused to bid more than six or seven dollars for a lot, used professional buyers to make phony bids in order either to run up the price or get the lots off the market. It is possible that such a thing will never happen again, now that real-estate{148} firms have the habit of advertising absolute auctions—possible, but scarcely probable. ”