Bailey attended an auction and bid $150 on an antique dresser. No one else made a higher bid. Discuss the effect of (a) the designation that the auction is without reserve, (b) the advertisement that the auction is with reserve, and (c) the lack of any announcement or advertisement as to whether the auction is with or without reserve
If an auction is advertised or announced in explicit terms to be without reserve, the auctioneer may not withdraw an article put up for sale unless no bid is made within a reasonable time. Thus, Bailey would have purchased the dresser for $150 in an auction without reserve. If the auction is with reserve, the auctioneer may withdraw the goods from sale and Bailey may withdraw his bid at any time prior to the auctioneer's acceptance, usually indicated by the fall of a hammer. If no designation is made, an auction is with reserve. The auctioneer does not make offers to sell the property being auctioned but invites offers to buy. A contract is made when the auctioneer accepts a bid.
You might also like to view...
Answer the following statements true (T) or false (F)
1. The sales volume variance is the difference between the expected results in the flexible budget for the .actual units sold and the static budget. 2. The sales volume variance is a result of the difference between the actual sales price and the budgeted sales price. 3. The flexible budget variance is the difference between expected results in the flexible budget for the actual units sold and the static budget. 4. The flexible budget variance is the difference between the actual results and the expected results in the flexible budget for the actual units sold. 5. A standard is a sales price, cost, or quantity that is expected under normal conditions.
Cost of goods sold (COGS) do not include:
A. Production workers wages B. Rent of Factories C. Raw materials D. Sales office rent
The performance assessments of the motivational elements of a cost management system (CMS) includes all but which of the following?
a. short term assessment. b. quantitative assessment. c. financial assessment. d. activity based assessment.
Which of the following is NOT included in Best Practices of CSR for high-tech companies:
A. Embed CSR in senior management and in organizational rewards B. Measure the impactof CSR C. Incorporate creative opportunities for giving that fall outside of the core competencies of the business D. Link CSR to business strategy and innovation strategy E. Balance competing shareholder interests.