TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

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A Tennessee auctioneer advertises an auction as 'absolute' but then refuses to sell the highest-bid item because the price was too low. What legal consequence may result?

No consequence because the auctioneer has discretion The auctioneer may be liable for breach of contract because advertising an auction as absolute creates an obligation to sell to the highest bidder The buyer must simply accept the auctioneer's decision The seller is the only party who can take legal action

Correct Answer:

The auctioneer may be liable for breach of contract because advertising an auction as absolute creates an obligation to sell to the highest bidder

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