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

译者Terris，毕业于国内一流的高级翻译学院，擅长翻译各种与政府合同相关的法律文件。