True or False. You have placed an antique sofa up for auction and the auctioneer has not made any special announcements about the sale. You can withdraw the sofa at any time before the auctioneer closes the sale by announcement or by the fall of the hammer.

Question

Moses

Business

1 April, 23:03

True or False. You have placed an antique sofa up for auction and the auctioneer has not made any special announcements about the sale. You can withdraw the sofa at any time before the auctioneer closes the sale by announcement or by the fall of the hammer.

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Answers (1)

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Jared · Answer 1

True

Explanation:

An auction is a call for offer, basically a person with highest offer value gets the object under auction, only when the hammer is passed. Generally there is a least price set with which the auction begins.

This in the given instance the sale can be withdrawn anytime before there is a proper acceptance from the seller or the fall of hammer, as these two are preconditions for the sale under auction.

After this the seller cannot withdraw and needs to sale the object.

Thus, the statement is true.