Offer: Auctions

[Flash Card 1 of 1]

• call for bids is invitation to treat / auctioneer's action accepts bidder's offer (Sale of Goods Act 1979 S57(2))

Reserves

• if reserve price not met / lot withdrawn & not sold (Sale of Goods Act 1979 S57(3))
• auction without reserve / offer made by auctioneer / highest bidder accepts / unilateral contract
• horse without reserve / P highest bona fide bidder / D hammer down on owner's bid / P no contract with D / sue for loss of opportunity (Warlow v Harrison (1859))
• machines without reserve / followed Warlow v Harrison / C highest bidder / contract breached / compensatory damages £27600 (cost: £28000 - bid: £400)(Barry v Davies (Heathcote Ball & Co.) [2000])

bits of law