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(Hindi): Auction Sale
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Explanation of Auction Sale. Happy Learning :)

Priyal Agrawal
CS Student, AIR 21 in CS foundation,love Teaching, reading, travelling, novels, fashion freak, watch the lessons to knw more

U
Unacademy user
smarthavicharam is not a writing. it's a legal procedure faced by kuriyedath thatri
  1. THE SALE OF GOODS ACT 1930


  2. ABOUT ME MYSELF PRIYAL AGRAWAL CS EXECUTIVE& BCOM 2ND YEAR STUDENT CS FOUNDATION (AIR 22) HOBBIES TO READ NOVELS, EXPLORING NEW THINGS FOLLOW ME ON UNACADEMY https:/L unacademy.com/user/PriyalAgrawal


  3. AUCTION SALE An 'Auction Sale' is a mode of selling property by inviting bids publicly and the property is sold to the highest bidder. An auctioneer is an agent governed by the Law of Agency. W he sells, he is only the agent of the seller. He may, however, sell his own property as the principal and need not disclose the fact that he is so selling. Rules to regulate the sale by auction: (a) Where goods are sold in lots: Where goods are put up for sale in lots, each lot is prima facie deemed to be subject of a separate contract of sale.


  4. (b) Completion of the contract of sale: The sale is complete when the auctioneer announces its completion by the fall of hammer or in any other customary manner and until such announcement is made, any bidder may retract from his bid (c) Right to bid may be reserved: Right to bid may be reserved expressly by or on behalf of the seller and where such a right is expressly reserved, but not otherwise, the seller or any one person on his behalf may bid at the auction.


  5. (d) Where the sale is notified by the seller: Where the sale is not noti ed to be subject to a right to bid on behalf of the seller, it shall not be lawful for the seller to bid himself or to employ any person to bid at such sale, or for the auctioneer knowingly to take any bid from the seller or any such person; and any sale contravening this rule may be treated as fraudulent by the buyer. (e) Reserved price: The sale may be noti ed to be subject to a reserve or upset price.


  6. (f) Pretended bidding: If the seller makes use of pretended bidding to raise the price, the sale is voidable at the option of the buyer. Example: P sold a car by auction. It was knocked down to Q who was only allowed to take it away on giving a cheque for the price and signing an agreement that ownership should not pass until the cheque was cleared. In the meanwhile till the cheque was cleared, Q sold the car to R. It was held that the property was passed on the fall of the hammer and therefore R had a good title to the car. Both sale and sub sale are valid in favour of Q and R respectively.


  7. Thanks! Any questions? Ask me in the comment sections below! Rate Review Recomm