Auction of sale

Auction sales:

A sales by auction is a public sale where different intencing buyers try to outbid each other. The goods are ultimately sold to the highest bidder. The actioner who sells the goods by auction is an agent of the seller, the owner.his relationship with the owner of the goods is governed by the general principles of the law relating to agency.

Procedure in auction sales:

The usual procedure in case of auction sales is as follows:

The proposed auction is duly advertised and a printed catalogue of the goods together with the terms of sale is circulated.on the appointed day and time, the intending buyers assemble and the intending buyers.

Rules of auction sales:

The law on auction sales is contained in the sale of goods act.in case of a sale by auction the following rules apply.