TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

Under UCC 2-328 as adopted in Tennessee, at what point may a bidder retract a bid at an auction?

A bid may never be retracted once made A bid may be retracted at any time before the auctioneer's announcement of sale is complete A bid may only be retracted within 5 minutes of being placed A bid may be retracted only with the auctioneer's written consent

Correct Answer:

A bid may be retracted at any time before the auctioneer's announcement of sale is complete

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