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26 October, 23:02

Owen decides to sell his ranch, Pine Ridge, in a live auction. When the auctioneer puts the property up for bids, it will be a. an invitation to submit offers, not an offer itself. b. an offer. c. a circular, not an offer. d. a price list, not an offer

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  1. 26 October, 23:18
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    a. an invitation to submit offers, not an offer itself.

    Explanation:

    When a property is to be sold at an auction it involves an invitation for interested buyers to submit offers to the seller. The seller will now consider the offers and see the best one for him.

    There is usually no price stated for the auction and seller goes for the highest bid.

    If however if the seller says that there is no reserve price or that the reserve price was met, it can now be considered an offer in itself.

    In this case Owen is offering the property at a live auction and does not state requirements for a reserve price
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Home » Business » Owen decides to sell his ranch, Pine Ridge, in a live auction. When the auctioneer puts the property up for bids, it will be a. an invitation to submit offers, not an offer itself. b. an offer. c. a circular, not an offer. d.
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