Jan 07 2012
An auction is essentially a public auction any item that is sold to the highest bidder. It can be defined as a process of buying and selling things by offering them up for tender, taking bids and selling things to the highest bidder. This is usually the case. However, a sale to the lowest bidder may also be held, where the land is sold for non-payment of taxes to anyone willing to take for the short term, or when the contract is offered to a or a party willing to take for the short term, or when the contract is offered to an individual or a party ready to perform at the lowest prices. These cases also seem quite fall under the jurisdiction of the word auction.