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Auction With Reserve
An auction in which the seller reserves the right to accept or reject the highest bid if it falls below a predetermined amount.
Contract
An agreement between two or more parties that is enforceable by law.
Condition Precedent
A contractual term that requires a specific event or action to occur before a contract becomes binding.
Prescribed Event
A specific occurrence or event that is outlined or defined within a legal or contractual context.
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