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November 14, 2007

You can retract bids in an auction

Consumerama > Special Reports > Live Auctions -- Bargains & Bamboozles

By law, a bidder may retract his or her
bid at any time before the auctioneer says "SOLD!"
[ Uniform Commercial Code ｧ2-328(3) ]

If you're an eBay user, you probably know that retractions are allowed only in rare and exceptional circumstances. Guess what? That's just an eBay company policy! By law, any bidder may retract any bid for any reason while the auction is still in progress. Of course, at a live auction this means interrupting the auctioneer and bringing the sale to a temporary halt, which is another reason bidders let auctioneers get away with such antics.

interesting

Posted by TY at November 14, 2007 5:37 PM

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