AL Auctioneer Practice Questions - Alabama Licensed Auctioneer Exam

Under Alabama contract law, what are the essential elements of a valid contract formed at auction?

Offer (bid), acceptance (fall of hammer), consideration (purchase price), legal capacity, and legal purpose Only a written agreement signed by both parties Verbal agreement witnessed by two people A handshake between the auctioneer and the bidder

Correct Answer:

Offer (bid), acceptance (fall of hammer), consideration (purchase price), legal capacity, and legal purpose

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