An offer by an intending purchaser to pay a designated price for property which Is about to be sold at auction. U. S. v. Vestal (D. C.) 12 Fed. 59; Payne v. Cave, 3 Term, 149; Eppes v. Railroad Co., 35 Ala. 56. Bid in. Property sold at auction is said to be “bid in” by the owner or an incumbrancer or some one else who is interested in it, when he attends the sale and makes the successful bid. Bid off. One is said to “bid off” a thing when he bids for it at an auction sale, and it is knocked down to him in immediate succession to the bid and as a consequence of it. Eppes v. Railroad Co., 35 Ala. 56; Doudna v. Harlan, 45 Kan. 484, 25 Pac. 883. Bidder. One who offers to pay a specified price for an article offered for sale at a public auction. Webster v. French, 11 111. 254. Biddings. Offers of a designated price for goods or other property put up for sale at auction. By bidding. In the law relating to sales by auction, this term is equivalent to “puffing.” The practice consists in making fictitious bids for the property, under a secret arrangement with the owner or auctioneer, for the purpose of misleading and stimulating other persons who are bidding in good faith. Upset bid. A bid made after a judicial sale, but before the successful bid at the sale has been confirmed, larger or better than such successful bid, and made for the purpose of upsetting the sale and securing to the “upset bidder” the privilege of taking the property at his bid or competing at a new sale.
Law Dictionary – Alternative Legal Definition
contracts. A bid is an offer to pay a specified price for an article about to be sold at auction. The bidder has a right to withdraw his bid at any time before it is accepted, which acceptance is generally manifested by knocking down the hammer.