An auction in which the property will be sold to the highest bidder, no minimum price will limit bidding, the owner may not withdraw property after the first bid is received, the owner may not reject any bids, and the owner may not nullify the bidding by outbidding all other bidders.
• In an auction without reserve, the owner essentially becomes an offeror, and each successively higher bid creates a contingent contract, the highest bid creating an enforceable agreement.
— Also termed absolute auction. See WITHOUT RESERVE. [Cases: Auctions and Auctioneers 7. C.J.S. Auctions and Auctioneers §§ 2, 8–17.]
法律翻译Grace，知名法学院法律翻译专业，擅长翻译有关
传媒、体育和娱乐领域的法律文件。
