dumb bidding

dumb bidding. An auction bidding process in which the minimum acceptance price is placed under the object for sale — unbeknownst to the bidders — and no bids are accepted until they meet that price. • Dumb bidding was initially intended to avoid the taxes imposed on auction sales by the statute of 1779, 19 Geo. 3, ch. 56, §§ 5–6, but the courts determined that the practice was fraudulent. [Cases: Auctions and Auctioneers

7. C.J.S. Auctions and Auctioneers §§ 2, 8–17.]

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词条贡献者

法律翻译Gilbert，毕业于亚洲顶尖的高级翻译学院，擅长翻译有关矿产资源领域的法律文件。