Arthur Made a Bid at an Auction by Calling Out

question 37

Multiple Choice

Arthur made a bid at an auction by calling out the amount of $250. The auctioneer acknowledged Arthur's bid. There were no higher bids, and before the fall of the auctioneer's hammer, Arthur announced that he was withdrawing the bid. The auctioneer said that it was too late for Arthur to withdraw his bid, because the bid had already been acknowledged. What is the result?

• A) Arthur's bid is an ordinary offer that can be revoked.
• B) Arthur's bid is firm and cannot be withdrawn.
• C) Since the auctioneer had in fact acknowledged Arthur's bid, the bid became an option exercisable at the election of the seller.
• D) Since the auctioneer had in fact acknowledged Arthur's bid, a contract had been formed by way of offer and acceptance; accordingly, Arthur's subsequent attempt to withdraw his bid was ineffective.

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Definitions:

Psychology

The scientific study of the mind and behavior, encompassing various aspects of conscious and unconscious experience.

Functionalism

A theory in the social sciences that explains social structures and institutions as collective means to fulfill individual and societal needs.

Psychological Perspectives

Different approaches within psychology to understanding human behavior and mental processes, such as cognitive, behavioral, and psychodynamic perspectives.

Evolutionary Perspective

A theoretical approach that explains human behavior and psychological traits as adaptations that evolved to solve recurrent problems in human ancestral environments.