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Simple English definitions for legal terms
opening bidding
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A quick definition of opening bidding:
Opening bidding refers to the start of an auction or sale where the first bid is made. It is also known as opening the bidding. In some cases, such as a sheriff's sale of real property, there may be an unethical practice of setting aside the concluded sale to accept a better post-sale offer, which is also called opening bidding.
A more thorough explanation:
Definition: The act of making the first bid in an auction or sale.
Example: In a real estate auction, the auctioneer may start the bidding at $100,000 as the opening bid. This means that anyone interested in purchasing the property must bid higher than $100,000 to participate in the auction.
Explanation: The example illustrates how the opening bidding works in an auction. The auctioneer sets a starting price, and interested buyers must bid higher than that price to participate in the auction. The opening bidding is an essential part of the auction process as it sets the tone for the rest of the bidding and determines the minimum price for the item being sold.