Examlex
Under the UCC, the risk of loss is with the buyer until the title passes to the seller.
Sealed-Bid
A type of auction or tender where bidders submit confidential offers, and usually, the highest bid wins without the bids being disclosed to other participants.
Second-Price Auction
In a second-price auction, the highest bidder wins but pays the price bid by the second-highest bidder, encouraging participants to bid their true value.
Expected Revenue
The anticipated amount of money a business expects to receive over a certain period, usually as a result of sales or services.
Foreclosed
A legal process in which a lender takes control of a property after the borrower fails to meet the repayment terms of the loan.
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