In an ordinary auction of goods governed by section 64(2) of the Sale of Goods Act, 1930, with no…
Under section 64(2), a bidder may retract until the auctioneer announces completion by the fall of the hammer or another customary manner. Under the ordinary auction rule,…
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In an ordinary auction of goods governed by section 64(2) of the Sale of Goods Act, 1930, with no applicable special confirmation regime, until when may a bidder retract the bid?
Answer and explanation
Correct answer B
Under section 64(2), a bidder may retract until the auctioneer announces completion by the fall of the hammer or another customary manner. Under the ordinary auction rule, payment or later delivery is not the event that completes the sale.
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