Auction with reserve Study guides, Class notes & Summaries

Auction CORRECT ANSWER The sale of goods or real estate by means of exchanges between an auctioneer and members of an audience There shall be ______ member North Carolina auctioneer commission having the power and responsibilities set out in this chapter. The____ shall appoint the members of the commission. CORRECT ANSWER 5 , Governor "Fund" means Auctioneer Recovery Fund. CORRECT ANSWER True It is legal and ethical for the commission to investigate the background of any applicant app...

Six Elements of a Valid Contract - ANSWER-* Offer * Acceptance * Consideration * Legal * Capacity * Intent All contracts are either - ANSWER-Bilateral or unilateral Bilateral contract - ANSWER-a promise for a promise Unilateral contract is: - ANSWER-a promise for an act Express contract is: - ANSWER-K where mutual assent of parties is verbal or written Implied contract - ANSWER-K established based on conduct of parties Quasi contract - ANSWER-No K, but courts act as matter...

Absolute Auction - After the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time Auction with reserve - when auctioneer may withdraw the property at any time until he or she announces the completion of the sale. The potential bidders are the offerors Auction with reserve and the sellers reserving the right to bid - The auctioneer may withdraw the goods at any time until he announces completion of the sale - K...

Auction Exam Questions With 100% Correct Answers Absentee Bid - answerA procedure that allows a bidder to participate in the bidding process without being physically present. Generally, a bidder submits an offer on an item prior to the auction. Absentee bids are usually handled under an established set of guidelines by the auctioneer or auction company. The particular rules and procedures of absentee bids are unique to each auction company. Absentee Bidder - answerA person (or entity) tha...

Ky Board of Auctioneer Test Questions With Answers Absolute Auction - ANS After the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time Auction with reserve - ANS when the auctioneer may withdraw the property at any time until he or she announces the completion of the sale. The potential bidders are the offerors Auction with reserve and the sellers reserving the right to bid - ANS The auctio...

Ky Board Of Auctioneer Test Exam With 100% Correct Answers Absolute Auction - answerAfter the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time Auction with reserve - answerwhen auctioneer may withdraw the property at any time until he or she announces the completion of the sale. The potential bidders are the offerors Auction with reserve and the sellers reserving the right to bid - answerThe auctioneer m...

Auctioneer Exam Questions And Answers Auction - ANS method of sale of real or personal property, goods, or chattels, at a predetermined date and time, by means of verbal exchange, regular mail, telecommunications, the internet, an electronic transmission, or a physical gesture between an auctioneer and members of the audience Auctioneer - ANS any person who engages or who by advertising or otherwise holds the person out as being able to engage in the calling for recognition of and t...

Law of Contract 2024 Test Questions And Answers Definition of animus contrahendi - ANSWER The intention of parties to enter into a legally enforceable agreement. Tree types of agreements which are NOT contracts: - ANSWER * Obligatory Agreements * Absolving Agreements * Real/Transfer Agreements Definition of a Contract - ANSWER A contract may be defined as an agreement entered into by two or more persons with the intention of creating legal obligations. A further element ex...

Ky Board Of Auctioneer Test Exam With 100% Correct Answers 2024

Ky Board of Auctioneer Test questions and answers latest top score. Absolute Auction - correct answer. After the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time Auction with reserve - correct answer. when auctioneer may withdraw the property at any time until he or she announces the completion of the sale. The potential bidders are the offerors Auction with reserve and the sellers r...