Posted by Pops1532 on April 14, 2014 at 07:07:42 from (98.227.133.60):
In Reply to: odd auction goof posted by j hikemper on April 12, 2014 at 20:19:46:
While he certainly might have grounds to be mad at the auctioneer, once the auctioneer says sold, the item is sold. That IS the law.
I have a buddy that's a lawyer that specializes in auction law. The way he explains it is when the auctioneer calls for bids that is the "offer" part of a contractual agreement. When someone places the highest bid that is the "acceptance" part of the contract. When the bidding stops advancing and the auctioneer says "sold", it is a legally binding contract.
The OP's auctioneer sounds like a good one to steer clear of for a couple of reasons. One being he was the agent for the seller and it doesn't sound like he called for another bid once he had gotten the initial bid. That is wrong. If he had called for $65 or even $61 and the bidding didn't advance, he would have at least fulfilled his fiduciary duty to the seller.
The other thing I take exception with is the auctioneer telling the seller he could have bid on the item himself. Seller bidding is only legally permissible when the auctioneer announces that seller bidding is allowed. Why would someone do business as either a buyer or seller with someone that suggests their sellers break the law?
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