2. Lessack Auctioneers advertised an auction sale that was open to the public and was to be conducted with a reserve price of $150. Gordon attended the auction and bid $100 for a work of art that was worth much more. No higher bid, however, was made. Lessack refused to sell the item for $100 and withdrew the item from the sale. Gordon claimed that because he was the highest bidder, Lessack was required to sell the item to him. Was he correct? Explain
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “2. Lessack Auctioneers advertised an auction sale that was open to the public and was to be conducted with a reserve price of $150. Gordon ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A user tells a technician that the printer does not respond to attempts to print a document. the technician attempts to print a document and the printer does not output any pages.
Answers (1)
What is the purpose of a study
Answers (1)
Consider Derek's budget information: materials to be used totals $62,100; direct labor totals $198,200; factory overhead totals $403,100; work in process inventory January 1 is $187,500; and work in progress inventory on December 31 is $195,000.
Answers (1)
To determine whether a good is considered normal or inferior, one could examine the value of the a. income elasticity of demand for that good. b. price elasticity of demand for that good. c. price elasticity of supply for that good. d.
Answers (1)
For Southwest Airlines, all of the following can be suppliers except: a. Exxon (providing jet fuel). b. Citibank (providing finances). c. Delta Airlines (providing competition). d. Boeing (providing planes). e.
Answers (1)
New Questions in Business
Compare items that are exempt and nonexempt from Chapter 7 fillings. (does A B C or D go with 1 or 2) (each letter must go with one) (1) Exempt (2) Nonexempt (A) second car (B) pension (C) household appliances (D) family heirlooms
Answers (1)
A structure within which executives, managers, specialists, and workers are broken out is commonly known as what type of structure?
Answers (1)
What way of calculating ROI makes it easiest to compare investments?
Answers (1)
Select the correct answer. Which assumption is a factor in Ricardo's Theory of International Trade? A. trade flow is restricted across borders B. trade laws are different in different nations C. labor is an irrelevant factor of production D.
Answers (1)
Some company executives favor the idea of contract manufacturing using local players, whereas others feel a direct investment strategy would be better. What would most strengthen argument for direct investment?
Answers (1)