Minnesota Auction and Auctioneer Laws
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Items 1 - 3 of 3
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An Announcement of Auction is not an Offer to Sell
In Anderson v. Wisconsin C. R. Co., 107 Minn. 296 (Minn. 1909)the Supreme Court of Minnesota held that an announcement or advertisement to sell a property to the highest bidder is a mere declaration of intention to hold an auction at which bids will be received. Such an announcement is not an offer to sell, which becomes binding, even conditionally, on the seller once a bid is made. In this...
In Minnesota, once a Property is Struck off at Auction, the Auctioneer Becomes the Purchaser’s Agent to the Extent of Binding Both Parties by his Memorandum of Sale
In Schwinn v. Griffith, 303 N.W.2d 258 (Minn. 1981), the Supreme Court of Minnesota held that an auctioneer also becomes the agent of the purchaser after the property is struck off at auction. The auctioneer acts as the purchaser’s agent when he signs the memorandum of sale immediately after the auction. The purchaser is bound by the auctioneer’s acceptance of delivery of t...
When Sale of Auction Lot Final Minnesota
Minnesota Statutes Annotated Trade Regulations, Consumer Protection (Ch. 324-338) Chapter 336. Uniform Commercial Code (Refs & Annos) Article 2. Sales Part 3. General Obligation and Construction of Contract 336.2-328. Sale by auction (1) In a sale by auction if goods are put up in lots each lot is the subject of a separate sale. (2) A sale by auction is complete when the auc...
Items 1 - 3 of 3
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Items 1 - 3 of 3
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