Businees Law Contract and Bid

Businees Law Introduction An auction is a place where goods and other things are sold. An auction differs from an ordinary market place because an auction comprises of a specific time and place for conducting the sales. An auction is also referred to as a public sale conducted by an auctioneer. In auction sales, a bid refers to a price by a person that signifies the intention to pay money for an item that is being sold in the auction. Goods in an auction are sold where bidders make bids on the things being sold. Goods can either be sold separately or they can be put together in groups called lots. Where goods are grouped in lots, each lot becomes independent and comprises of its own rules and procedures of sale.