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• B) Arthur's bid is firm and cannot be withdrawn.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

Continuous-Process Technology

A production method where goods are produced continuously through an uninterrupted flow, often used in chemical, oil, and food industries.

Small-Batch Production

A manufacturing technique that produces goods in small quantities, often tailored to specific customer needs or niches.

Mass Production

The manufacture of large quantities of standardized products, often on assembly lines, enabling economies of scale.

Continuous-Process Technology

Technologies or systems designed for the continuous production of goods, typically in manufacturing.