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In a traditional auction, the seller offers an item for sale. Potential buyers are then free to bid on the item until the time period expires. The buyer with the highest offer wins the right to purchase the item for the price determined at the end of the auction. A reverse auction is different in that a single buyer offers a contract out for ...
A counter offer is an offer which concerns the same subject matter but with different terms than the original offer. If a counter-offer is made by the offeree to the offeror, then the original offer is deemed rejected, and the power of acceptance included in the original offer is terminated. [32]
Bridgeville, California (population 25) was the first town to be sold on eBay in 2002, and has been up for sale three times since. [1] In January 2003, Thatch Cay, the last privately held and undeveloped U.S. Virgin Island, was listed for auction by Idealight International. The minimum bid was US$3 million and the sale closed January 16, 2003. [2]
The "mirror image rule" states that if you are to accept an offer, you must accept an offer exactly, without modifications; if you change the offer in any way, this is a counter-offer that kills the original offer and the original offer cannot be accepted at a future time. [41]
[4] [5] Since then, the company has become a large marketplace for buyers and sellers and was named one of "The 7 Most Innovative Startups in Seattle" by Inc. [6] [7] OfferUp was in the Top 50 most downloaded free apps on Apple Appstore and Google Play and has been praised for being more user-friendly to list products on than sites like eBay.
The auction was first described academically by Columbia University professor William Vickrey in 1961 [1] though it had been used by stamp collectors since 1893. [2] In 1797 Johann Wolfgang von Goethe sold a manuscript using a sealed-bid, second-price auction.
A firm offer is an offer that will remain open for a certain period or until a certain time or occurrence of a certain event, during which it is incapable of being revoked. [1] As a general rule, all offers are revocable at any time prior to acceptance, even those offers that purport to be irrevocable on their face.
eBay v. Bidder's Edge, 100 F. Supp. 2d 1058 (N.D. Cal. 2000), was a leading case applying the trespass to chattels doctrine to online activities. [1] [2] In 2000, eBay, an online auction company, successfully used the 'trespass to chattels' theory to obtain a preliminary injunction preventing Bidder's Edge, an auction data aggregator, from using a 'crawler' to gather data from eBay's website.