LA Auctioneer Practice Questions - Louisiana Licensed Auctioneer Exam

In Louisiana, what is the legal effect of the auctioneer's announcement 'sold' or the fall of the hammer?

It is merely a formality with no legal significance It transfers ownership of the item and creates a binding contract It only indicates a temporary hold on the item It obligates the auctioneer to deliver the item within 24 hours

Correct Answer:

It transfers ownership of the item and creates a binding contract

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