Auction - Law Dictionary Search Results
Home Dictionary Name: auctionAuctioneers
Auctioneers, licensed agents appointed to sell property and to conduct sales or auctions. They differ from brokers, in that the latter may both buy and sell, whereas auctioneers can only sell; also brokers sell by private contract, and auctioneers by public auction.An auctioneer is deemed the agent of both parties; he can bind virtue officii the seller and the purchaser of royalty by his memorandum of the sale under s. 40 of the (English) Law of Properties Act, 1925, replacing in part s. 4 of the Statute of Frauds; but he is only the agent of the seller before the fall of the hammer at the sale. He may sue the purchaser in his own name. An auctioneer is generally remunerated by a commission on the amount realised by the sale, or, if no sale has been effected, on the reserve.As to the right to specific performance when a mistake has been made by the auctioneer, see Re Hare and O'Moore's Contract, (1901) 1 Ch 93; McManus v. Fortescue, (1907) 2 KB 1. It has been held in Scotland that an a...
Auction
Auction, signifies generally an increasing, an enhancement, and hence is applied to a public sale of property usually conducted by biddings, which augment the price. A spear used to be raised by the Romans, at the sign of a public auction, Livy, xxiii. 37; Smith's Dict. of Antiq. The Sale of Land by Auction Act, 1867 (30 & 31 Vict. c. 48), by s. 5 enacts that the particulars of sale of land by auction 'shall state whether such land will be sold without reserve, or subject to a reserved price, or whether a right to bid is reserved,' and that 'if it is stated that such land will be sold without reserve, it shall not be lawful for the seller to employ any person to bid at such sale, or for the auctioneer to take knowingly any bidding from any such person.' As to auction without reserve, see Rainbow v. Howkins, 1904 (2) KB 322. See DUTCH AUCTION; KNOCK-OUTS.The auctions (English) (Bidding Agreements) Act, 1927 (17 & 18 Geo. 5, c. 12), was designed to make it illegal for a dealer to give an...
Auction sale
Auction sale, whenever there is an auction the sale must be deemed to be complete. Whether there is a transfer or not depends on the conditions of the auction and these have to be examined to find out when a transfer of the property auctioned takes place. There may be a sale by auction where the sale is not complete till, for example, a document is executed, Bombay Sale and Chemical Industries v. L.J. Johnson, AIR 1958 SC 289 (292). [Displaced Persons (Compensation and Rehabilitation) Act, 1954 (44 of 1954), s. 20]...
Dealer, auction
Dealer, auction, a person who in the normal course of his business attends sales by auction for the purpose of purchasing goods with a view to reselling them, Auctions (Bidding Agreements) Act, 1927, s. 1(2) (UK), Halsbury's Laws of England (2), para 944, p. 461.means a person carrying on the business of selling fertilisers, whether wholesale or retail (or industrial use), and includes a manufacturer and a pool-handling agency carrying on such business and the agents of such person, manufacturer or pool-handling agency, State of Punjab v. Gunomajra Cooperative Agriculture Service Society Ltd., (2000) 9 SCC 210.There is nothing either in the main definition in s. 2(5) or in the Explanation of the Orissa Taxation (on Goods Carried by Road and Inland Water ways) Act, 1959 to suggest that the manager or agent of the dealer (principal) should have his own business within the State of Orissa before he could be proceeded against or assessed under the Act. It would be sufficient if the manager...
Dutch auction
Dutch auction, the setting up of property for sale by auction above its value, and gradually lowering the price till some person takes it.Dutch auction, is one where property is offered at a certain price and them successively at lower prices until one is accepted, Halsbury's Laws of England (2), para 901. p. 435,...
Sale by public auction
Sale by public auction, a sale for a predetermined nominal sum cannot be held to be a 'sale by public auction' in the absence of any provision for such sales in the statute, Ramrao Jankiram Kadam v. State of Bombay, AIR 1963 SC 827 (833): (1963) 1 Supp SCR 322....
auction
auction : a public sale of property to the highest bidder see also reserve ...
E-auction
E-auction, It is not a method of fixing price, Ashoka Smokeless Coal India (P) Ltd. v. Union of India, (2007) 2 SCC 640 [Central Vigilance Commission Act, 2003, s. 8(1)(h)]...
Puffer
Puffer, one who attends a sale by auction, to bid on the part of the owner, for the purpose of raising the price and exciting the eagerness of the bidders.The (English) Sale of Land by Auction Act, 1867 (30 & 31 Vict. c. 48), regulates the employments of puffers at an auction for the sale of land, and enacts that all sales of land where a puffer has bid shall be illegal unless a right of bidding on behalf of the owner shall have been reserved; that the conditions of sale shall state whether the sale is to be without reserve, or subject to a reserved price, or whether a right to bid is reserved; that if it be stated that the sale is to be without reserve, a puffer is not to be employed; that if a right to bid be reserved, the seller or one puffer may bid; and that the practice of opening bidding, formerly sanctioned by courts of equity, shall be discontinued. As to sale of goods by auction, see similar provisions, s. 58 of the Sale of Goods Act, 1893, and see AUCTION....
Conditions of sale
Conditions of sale. The terms set forth in writing upon which an estate of interest is to be sold by auction, tender, or private treaty. Together with the particulars (q.v.) the conditions constitute the offer for sale. Conditions of sale will be construed so as to collect the meaning of the parties without incumbering them with the technical meaning of words; for, as Lord Hardwicke declared, 'there is no magic in words.' But the conditions should be accurate, for they cannot be contradicted by parol at the sale; 'the babble of the auction room,' as Lord Eldon termed it, being inadmissible as evidence, and this although the purchaser by the written agreement bind himself to abide by the conditions and declarations made at the sale. If the conditions require alteration, they should be so altered in writing before the sale. See AUCTION; CONTR-ACT OF SALE. In sales of land, conditions of sale usually refer to the following matters:-Bidding at the auction, payment of deposit, date of compl...
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