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Auction Without Reserve
An auction in which the item for sale will be sold to the highest bidder without a minimum reserve price being set.
Auction With Reserve
An auction at which the auctioneer has the right to withdraw goods and not sell them if acceptable bids are not made.
Enforced Auction
A legal process where items are sold to satisfy debts owned by their owner.
Firm Offer
In contract law, an offer that is expressly made irrevocable for a specified period of time by the offeror.
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