Auction in United Kingdom

Definition of Auction

In accordance with the work A Dictionary of Law, this is a description of Auction :

A method of sale in which parties are invited to make competing offers (bids) to purchase an item. The auctioneer, who acts as the agent of the seller until fall of the hammer, announces completion of the sale in favour of the highest bidder by striking his desk with a hammer (or in any other customary manner). Until then any bidder may retract his bid and the auctioneer may withdraw the goods. The seller may not bid unless the sale is stated to be subject to the seller’s right to bid. Merely to advertise an auction does not bind the auctioneer to hold one. However, if he advertises an auction without reserve and accepts bids, he will be liable if he fails to knock the item down to the highest outside bidder. An auctioneer who discloses his agency promises to a buyer that he has authority to sell and that he knows of no defect to the seller’s title; he does not promise that the buyer of a specific chattel will get a good title.

Definition of Auction

The word “auction” comes from the latin aug_re. Aug_re means “to increase” or “augment”.