SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

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Under South Carolina's adoption of UCC Article 2 (Sales), what is the default rule regarding whether an auction is 'with reserve' or 'without reserve'?

All auctions are without reserve unless stated otherwise All auctions are presumed to be 'with reserve' unless explicitly stated as 'without reserve' or 'absolute' There is no default; it must always be stated The buyer chooses whether the auction is with or without reserve

Correct Answer:

All auctions are presumed to be 'with reserve' unless explicitly stated as 'without reserve' or 'absolute'

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