__________ Liable on Contracts with Third Persons

question 31

Multiple Choice

__________ liable on contracts with third persons.

• A) Agents may intentionally make themselves
• B) Agents are never able to make themselves
• C) Agents are always
• D) None of the above statements are true.

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Definitions:

Winning Price

The final bid amount that secures an item or service in an auction; the price at which the auction is won.

Low-value

Pertaining to items or services that are considered to have less worth or importance, often reflected in their low cost.

Second-Price Auction

An auction format in which the highest bidder wins but pays the second-highest bid price, encouraging bidders to bid their true value.

English Auction

A type of auction where the price starts low and is bid up by participants until no higher bids are made, and the highest bidder wins.