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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › contract law
i will like to know why a bid is an offer
Are we talking about bidding in an auction?
The auctioneer holds up an item and invites the audience to bid a price. The auctioneer COULD bring down the hammer and accept that first bid. Instead, he’ll say something like “I have a bid of 30€, do I hear 35?” so he’s still asking for better bids from the audience. When it seems that no-one else is interested, he accepts the final bid “sold to the lady in the green hat”
That’s why a bid is an offer
Ok?
