LA Auctioneer Practice Questions - Louisiana Licensed Auctioneer Exam

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A Louisiana auctioneer advertises an auction as 'absolute' but then refuses to sell an item because the highest bid is only $50. What is the legal consequence?

The auctioneer has the right to refuse any bid under $100 The highest bidder may have a claim for breach of contract since the auction was advertised as absolute No consequence because all auctions are presumed to be with reserve The Board will issue a 30-day grace period to resolve the dispute

Correct Answer:

The highest bidder may have a claim for breach of contract since the auction was advertised as absolute

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