NH Auctioneer Practice Questions - New Hampshire Licensed Auctioneer Exam

What is the legal effect of the auctioneer's statement 'Sold!' or the fall of the hammer?

It creates a preliminary agreement subject to further negotiation It completes the sale and creates a binding contract It is merely an invitation for the buyer to make a formal offer It only applies to real property sales

Correct Answer:

It completes the sale and creates a binding contract

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