TN Auctioneer Practice Questions - Tennessee Licensed Auctioneer Exam

In Tennessee, what is the legal status of a bid once the auctioneer acknowledges it?

The bid is merely an invitation to negotiate The bid constitutes an offer that can be accepted by the auctioneer's announcement of sale The bid is a binding contract immediately The bid has no legal significance until payment is made

Correct Answer:

The bid constitutes an offer that can be accepted by the auctioneer's announcement of sale

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