IL Auctioneer Practice Questions - Illinois Licensed Auctioneer Exam

What is the legal significance of an auctioneer saying 'sold' or dropping the gavel?

It begins the negotiation phase It signifies that a binding contract has been formed between the highest bidder and the seller It allows the seller to accept or reject the bid It merely indicates the end of the lot display

Correct Answer:

It signifies that a binding contract has been formed between the highest bidder and the seller

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