A ____ Is the Amount by Which One Bid Must

question 28

Multiple Choice

A ____ is the amount by which one bid must exceed the previous bid.

• A)minimum bid increment
• B)deposit bid
• C)reserve bid
• D)maximum bid increment

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Definitions:

Possess

To have or hold something as one's own, to control or occupy something whether physically or legally.

Ownership

The legal right to possess, use, and dispose of something, encompassing both tangible and intangible assets.

Subrogation

The legal right of an insurance company to pursue a third party that caused an insurance loss to the insured, in order to recover the amount of the claim paid to the insured.

Creditor

An entity or person to whom money is owed by another entity or person.