IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

What is the legal effect of a bid at an auction under UCC Section 2-328?

A bid is a binding contract A bid is an offer that can be retracted before the fall of the hammer A bid is merely an expression of interest A bid creates an option contract

Correct Answer:

A bid is an offer that can be retracted before the fall of the hammer

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