Auction
/ˈɔːkʃən/
Definitions
- (n.) A public sale in which goods or property are sold to the highest bidder.
The estate was sold at auction to repay creditors.
- (v.) To sell property or goods by bidding in a public sale.
They auctioned off the seized assets to satisfy the judgment.
Commentary
In legal texts, the term 'auction' often involves formal procedures and rules governing bidding and acceptance; clarity in specifying auction types (e.g., English, Dutch) is advisable in drafting.