Legal Dictionary of Pakistan

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.