AL Auctioneer Practice Questions - Alabama Licensed Auctioneer Exam

Under UCC Section 2-328, may a bidder retract a bid before the hammer falls?

Yes, a bidder may retract a bid at any time before the auctioneer announces completion of sale No, once a bid is placed it is irrevocable Only if the auctioneer grants permission Only in reserve auctions but not absolute auctions

Correct Answer:

Yes, a bidder may retract a bid at any time before the auctioneer announces completion of sale

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