Which of the Following Is True of an Auction Sale

question 20

Multiple Choice

Which of the following is true of an auction sale?

• A)A sale by auction for any amount is not valid if it is made orally.
• B)When an auctioneer makes and signs a memorandum of the sale, it binds only the bidder.
• C)Goods can only be offered for sale without reserve.
• D)There is no contract until and unless an auctioneer accepts a bidder's offer.

---

Definitions:

Taylorism

A management theory developed by Frederick W. Taylor that emphasizes scientific studies of tasks and time management to improve work efficiency.

Outsourcing

The process where a company hires another company or individual to perform tasks, handle operations or provide services that are either difficult to manage or outside of the hiring company's expertise.

Efficient Operations

The ability of an organization to achieve its objectives with minimum wastage of resources and optimum productivity.

Individual Growth

The personal development and enhancement of skills, knowledge, and abilities over time.