Definitions

Definitions. A. Auction - means a sale transaction conducted by means of oral or written exchanges between an auctioneer and the members of his audience, which exchanges consist of a series of invitations for offers for the purchase of goods made by the auctioneer and offers to purchase made by members of his audience and culminate in the acceptance by the auctioneer of the highest or most favorable offer made by a member of the participating audience. B. Absolute Auction - an auction in which property put up for sale is sold to the highest bidder and no minimum price will limit the bid. The seller may not nullify the sale by bidding himself or through an agent. C. Auction with Reserve - any auction in which the seller or his agent reserves the right to establish a minimum bid, to accept or reject any and all bids and to withdraw the property at any time prior to the completion of the sale by the auctioneer. D. Auction without Reserve - an auction in which property put up for sale is sold to the highest bidder and no minimum price will limit the bid. The seller may not nullify the sale by bidding himself or through an agent. Auction without reserve is equivalent to the term absolute auction. E. Estate Auction - any auction in which all the property advertised and sold is the property of a specified deceased person or the property of a specified living person's estate. F. Absolute Auction Verses Reserve Auction - auctions are considered to be with reserve unless otherwise stated, and as provisioned as under the Uniform Commercial Code. G. Auction Firm - means any business establishment or other location owned by any entity other that a duly license auctioneer where goods are sold or advertised to be sold at auction or on a recurring basis. H. Reverse Auction – any auction in which the traditional roles of buyer and seller are reversed and the sellers compete to obtain business from the buyers with prices typically decreasing as the sellers underbid each other. Reverse auction individual(s) and company(ies) who provide these services also include independent contractors of governmental authorities and require a license issued by the Commission.