At an Auction, a Call for Bids Is

question 62

Multiple Choice

At an auction, a call for bids is:

• A)an offer by the person calling for bids to sell the item being auctioned.
• B)an invitation to treat by the person calling for bids.
• C)a conditional agreement between the bidders and the person calling for bids where the condition precedent is that the offeree must win the bid.
• D)an acceptance by the person calling for bids of the offers by the bidders.

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Definitions:

Right of Way

The legal right, established by usage or grant, to pass along a specific route through grounds or property belonging to another.

Adverse Possession

A possessory title to land under the Registry System acquired by continuous, open, and notorious possession of land inconsistent with the title of the true owner for a period of time (usually 10 to 20 years).

Squatters Rights

Legal allowances that may permit a squatter to obtain title to land or property under certain conditions.

Capital of the Corporation

The financial resources or assets owned by a corporation, used for its business operations and growth.