Updated: Aug 20, 2021

A person authorized to sell goods or land at a public auction or sale. Initially the agent of the seller, he beames also the agent of the buyer after the een knocked down; he can therefore bind both parties where writing is nessary. Sale is normally only for cash where the custom is not otherwise; the auctioneer has a lien on goods for his charges provided he has the goods; he has no implied authority to warrant the goods sold. nor the owner’s right to sell; he must act in good faith. Advertisement of an auction does not nd the auctioneer as it is not an offer but an invitation.

Reference: The Penguin Business Dictionary, 3rd edt.

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James Knight
Editor of Education
James is a lead content editor for Invezz. He's an avid trader and golfer, who spends an inordinate amount of time watching Leicester City and the… read more.