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.]
译员Max，毕业于欧洲一流的法学院，专注翻译各种与
通用数据保护条例 (GDPR)有关的法律文件。
