WITHOUT RESERVE

contracts. These words are frequently used in conditions of sale at public auction, that the property offered, or to be offered for sale, will be sold without reserve. A term applied to a sale by auction, indicating that no price is reserved. 2. When a property is advertised to be sold without reserve, if a puffer be employed to bid, and actually bid at the sale, the courts will not enforce a contract against a purchaser, into which he may have been drawn by the vendor’s want of faith. This phrase, used in making a qualified indorsement of a negotiable instrument, signifies that the Indorser means to save himself from liability to subsequent holders, and is a notification that, if payment is refused by the parties primarily liable, recourse cannot be had to him.