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• B) Arthur's bid is firm and cannot be withdrawn.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.

---

Definitions:

Information

Pertains to data, knowledge, or insights that can be used for decision-making, understanding, or to inform others.

Lurkers

Describes individuals who observe or read content in online communities or social networks but do not actively participate or contribute.

Participate

Engaging or taking part in an activity or event.

Media Multiplexity

The theory that relationships are maintained over various forms of communication media, with stronger relationships utilizing a greater variety of channels.