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:

Drafter

A professional who creates technical drawings and plans used in construction and manufacturing.

Drawing Number

A unique identifier assigned to a specific drawing or document within a set of engineering or architectural plans to facilitate easy reference.

Cursive Writing

A style of handwriting where the letters are connected in a flowing manner, often used for faster writing and a unique personal touch.

Title Block

A section of a technical drawing or document that contains vital information such as project name, date, scale, and authorship.