Auction Without Reserve

Business, Legal & Accounting Glossary

Definition: Auction Without Reserve



Full Definition of Auction Without Reserve


An advertisement that some item or other will be sold by auction is normally an invitation to treat, not an offer. The bidder makes an offer which the auctioneer can accept or decline. However, if an auction is without reserve, then the auctioneer must sell to the highest bidder, that is, he makes a unilateral offer to do so to the highest bidder. This offer is in addition to the offer made by the bidder to the auctioneer. See Warlow v Harrison (1858) and Barry v Davies (2000).


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Auction Without Reserve. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/auction-without-reserve/ (accessed: December 04, 2020).
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Auction Without Reserve. PayrollHeaven.com. Retrieved December 04, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/auction-without-reserve/

Definition Sources


Definitions for Auction Without Reserve are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 4th April, 2020 | 1 Views.