BLR 9454 Supreme Court of NSW Sample Clauses

BLR 9454 Supreme Court of NSW. FACTS: AGC put up property for sale -­‐ -­‐ -­‐ -­‐ Auction subject to reserve (the price a property has to reach before they sell) Highest bid of $70,000.00 less than reserve AGC instructed auctioneer to withdraw reserve Xx XxXxxxxxx then bid $70,500.00 Not accepted (why not?) What did AGC claim? AGC claimed that the bid was never accepted because just because the reserve was withdrawn is does not mean instant acceptance of the highest bid HELD: Holland J: Rejected. -­‐ Auctioneer invites offers -­‐ Bids constitute offers Bidders at auctions make offers which may be accepted or rejected. -­‐ These may be accepted or rejected by seller -­‐ Separate contract may exist with auctioneer -­‐ Withdrawing reserve does not constitute definite offer to sell to highest bidder. Ø Summary: As between seller and buyer in auction, auctioneer invites the offer.
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