MA Auctioneer Practice Questions - Massachusetts Licensed Auctioneer Exam

What is the significance of 'consideration' in an auction contract?

It refers to the auctioneer's careful handling of items It is the exchange of value (bid price for goods) that makes the contract legally enforceable It means the seller must consider all bids equally It is the time given to the buyer to inspect items

Correct Answer:

It is the exchange of value (bid price for goods) that makes the contract legally enforceable

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