At an Auction for the First Time,Darcy Bids on a One-Hundred-Year-Old

question 59

Multiple Choice

At an auction for the first time,Darcy bids on a one-hundred-year-old Edison-brand phonograph,believing that it is worth more than the price asked. When the item proves to be less valuable,Darcy is

• A)liable on the bid.
• B)not liable on the bid because Darcy overestimated the value of the item.
• C)not liable on the bid because the auctioneer overstated the value of the item.
• D)not liable on the bid because this was Darcy's first auction

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Definitions:

Total Commission

The entirety of fees or compensation a salesperson earns from completing sales.

Commission Payment Plans

Compensation schemes based primarily on performance, where payments are made to salespersons or agents as a percentage of the sales they generate or complete.

Total Commission

The cumulative amount of fees or charges paid for services, typically in sales or financial transactions.

Commission Payment Plans

A method of remuneration where employees or agents are paid based on the sales they generate, usually as a percentage of the sale price.