Which of the Following Statements Is Not Generally True of an Auction

question 32

Multiple Choice

Which of the following statements is not generally true of an auction?

• A)The call for bids is an invitation to treat
• B)The bidders are offerors
• C)There is no contract until the auctioneer accepts an offer on behalf of the seller
• D)If there is no reserve and the auctioneer refuses to sell to the highest bidder the vendor can be sued for specific performance of the contract

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Definitions:

Total Sales

The total revenue generated from the sale of goods or services before any deductions, such as returns or discounts.

Credit Sales

Sales made by a business that do not require immediate payment, allowing the buyer to pay at a later date.

Total Sales

The sum of all sales (or revenue) generated by a business during a specific period, before any deductions.

Cash Received

The money that a business or individual receives during a specific period, including revenues from sales, services, loans, or investments.