Legal Question in Business Law in Idaho
the diffrence between a minimum bid and a reserve? I did an auction for a lady and see gave me a list of minimun bids on the larger items. I assume that a minimun bid is just that a bid by the owner if the public bid does not meet her minimun. Had she said a reserve on those items then I would expect something diffrent. I am going to charge her for her minimun bid on the unsold items. correct?
1 Answer from Attorneys
An attorney will say more information is needed to answer your question. What was your agreement with the lady? Was she the buyer or seller. What is the basis for charging for unsold auction items? Provide additional detail or consult with an attorney in your area for specifics.
Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise
Franchise Attorney
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