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Auction Sale
Auction Sale-
In an auction sale, the auctioneer invites bids from prospective buyers and the sale is made to the person who makes the highest bid. The auctioneer may be the seller himself or his authorized agent. Prior to ac...See more
tual auction, wide publicity is given and intending buyers are informed of the time and place of auction. It may be noted that the notice of auction is merely an invitation to the public to make offers. It is not an offer to sell.
-LEGAL RULES REGARDING AUCTION SALES (SEC. 64)
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