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Auction offer accepted by first bidder, contract breached by new bid?
If a contract is formed by acceptance of two parties, why is accepting a higher bid in an auction not considered a breach of contract between the auctioneer and the first bidder?
2 Answers
- David SLv 78 years agoFavorite Answer
There is no contract until the gavel falls. That's the nature of auctions.
- FredLv 78 years ago
B/c it's an auction? And there aren't 2 parties of acceptance. There is an offerer and an acceptor. They're not the same. It's the person making the offer that creates the power of acceptance.
