Which of the Following Is Not True About Auctions

question 26

Multiple Choice

Which of the following is not true about auctions?

• A) The UCC provides that if an auction sale is advertised or announced in explicit terms to be with reserve, the auctioneer may not withdraw the article put up for sale unless no bid is made within a reasonable time.
• B) Unless an auction is advertised as being without reserve, the sale is with reserve.
• C) Whether an auction is with or without reserve, a bidder may retract his bid at any time prior to acceptance by the auctioneer.
• D) If the auctioneer knowingly receives a bid on behalf of the seller and notice has not been given that the seller reserves the right to bid at the sale, the bidder to whom the goods are sold can avoid the sale.

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Definitions:

Practical Choice

A decision made based on efficiency, effectiveness, and pragmatism rather than emotional or aesthetic considerations.

Approach-Approach

A psychological conflict that occurs when a person has to choose between two desirable options.

Hedonic-Utilitarian

This refers to the dichotomy in consumer preferences and buying behavior, where hedonic pertains to seeking pleasure, and utilitarian involves practical or functional aspects.

Motivational Conflict

A situation where an individual faces competing desires or goals, which can lead to indecision or stress.