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.]
法律翻译王漾，在一家顶尖英国律师事务所的上海办公室担任全职法律翻译，专注翻译各类与
大中华业务有关的法律文件。
