IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

Under UCC Section 2-328, when is a sale by auction complete?

When the highest bid is verbally announced When the auctioneer announces completion by the fall of the hammer or other customary manner When the buyer signs a purchase agreement When the buyer makes payment in full

Correct Answer:

When the auctioneer announces completion by the fall of the hammer or other customary manner

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