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MMLU / At a no-reserve auction, the auctioneer put up a painting that was unsigned and…

Problem

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question

At a no-reserve auction, the auctioneer put up a painting that was unsigned and apparently quite old. A woman made the highest bid, which was $100, and the auctioneer slammed the gavel down, completing the transaction. Before the day's auction ended, an art historian told the auctioneer in private during a break that the piece was an original by Claude Monet, worth about $1 million. The auctioneer quickly told the successful bidder that the amount was rejected by the seller and that the piece would be withdrawn from the sale that day. The woman sued the auctioneer, claiming that there was a binding contract and requesting specific performance. Based strictly on the rules of offer and acceptance, is the auctioneer in danger of losing the painting to the successful bidder and, if so, why?
Plain-text mathematical notation (without MathML)
At a no-reserve auction, the auctioneer put up a painting that was unsigned and apparently quite old. A woman made the highest bid, which was $100, and the auctioneer slammed the gavel down, completing the transaction. Before the day's auction ended, an art historian told the auctioneer in private during a break that the piece was an original by Claude Monet, worth about $1 million. The auctioneer quickly told the successful bidder that the amount was rejected by the seller and that the piece would be withdrawn from the sale that day. The woman sued the auctioneer, claiming that there was a binding contract and requesting specific performance. Based strictly on the rules of offer and acceptance, is the auctioneer in danger of losing the painting to the successful bidder and, if so, why?
Original LaTeX notation
At a no-reserve auction, the auctioneer put up a painting that was unsigned and apparently quite old. A woman made the highest bid, which was $100, and the auctioneer slammed the gavel down, completing the transaction. Before the day's auction ended, an art historian told the auctioneer in private during a break that the piece was an original by Claude Monet, worth about $1 million. The auctioneer quickly told the successful bidder that the amount was rejected by the seller and that the piece would be withdrawn from the sale that day. The woman sued the auctioneer, claiming that there was a binding contract and requesting specific performance. Based strictly on the rules of offer and acceptance, is the auctioneer in danger of losing the painting to the successful bidder and, if so, why?

choices

  1. No, the auctioneer can always reject an offer made by a bidder at a public auction sale.
  2. No, the auctioneer is the offeree at a no-reserve auction and, as such, the offeree has the absolute power to reject the offer if it is not accepted by the owner.
  3. Yes, in a no-reserve auction there is a binding contract based on the highest amount offered by the winning bidder.
  4. Yes, in a no-reserve auction there is a binding contract as soon as the bidding starts, with each bid being a new binding contract.

subject

professional_law

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Source and history

task_id
ba6e14f7-5c2d-582e-9e57-9e3b358d8611
task_key
all--test--ba6e14f7-5c2d-582e-9e57-9e3b358d8611
task_revision_id
1
config / split
all / test

Official source

initial import