Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Auction
n. A sale of property to the highest bidder. ( under the ucc, a sale at auction is complete when the auctioneer so announces in a customary manner, as by pounding a hammer. - also termed auction sale. - auction, ub.
Auction market
see market.
Auction sale.
see auction
Auction with reserve
an auction in which the property will not be sold unless the highest bid exceeds a minimum price. See with reserve.
Auction without reserve
an auction in which the property will be sold to the highest bidder, no minimum price will limit bidding, the owner may not withdraw property after the first bid is received, the owner may not reject any bids, and the owner may not nullify the bidding by outbidding all other bidders. ( in an auction without reserve, the owner essentially becomes an offer or, and each successively higher bid creates a contingent contract, with the highest bid creating an enforceable agreement. - also termed absolute auction. See without reserve.
Auctioneer
n. A person legally authorized to sell goods or lands of other persons at public auction for a commission or fee. 0 the auctioneer is the property owner's agent up to the moment when a purchaser's bid is accepted, when the auctioneer becomes the purchaser's agent. - formerly also termed vendue master
Dutch auction
1. An auction in which property is initially offered at an excessive price that is gradually lowered until the property is sold. 2. A method of tendering stock shares, by which a corporation provides a price range, shareholders indicate how many shares they will sell and at what price, and the corporation buys however many shares it wants at the lowest prices offered. - also termed dutch-auction tender method.
Dutch-auction tender method
See Dutch auction (2) under AUCTION.
absolute auction
See auction without reserue cinder AUCTION.
auction market
A market (such as the New York Stock Exchange) in which securities are bought and sold by competitive bidding through brokers. Cf negotiated market.
auction sale
See AUCTION.