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• B) Arthur's bid is firm and cannot be withdrawn.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

Physical Development

The process of bodily maturation including growth and changes in size, shape, and physical skills over time.

Heavier Appearance

An observational description often related to a visible increase in weight or bulkiness of an object or person.

Sex Education

The instruction on topics related to human sexuality, including anatomy, reproduction, sexual activity, sexual health, and relationships.

Growth and Development

The physical, emotional, and psychological progress and changes that occur from birth to the end of adolescence.