Caveat vendor
Iles, A.
Caveat vendor - 2001 - Solicitors' Journal 145(1) 12 January 2001, 12(1) .
Explains the repercussions of "Barry v Heathcote Ball & Co (Commercial Auctions) Ltd" [2000] 47 EG 178-182 (ABS63088) where the CA ruled that, in a sale by auction 'without reserve', an auctioneer is liable to the highest bidder for the difference between the bid and the market value of the lot if it is withdrawn. Notes that, whilst there is no contract of sale between the seller and the bidder in an auction before the hammer falls, this decision may open the seller to similar liability as it may be considered that there is a collateral contract.
AUCTIONEERS
BARRY V HEATHCOTE BALL & CO (COMMERCIAL AUCTIONS) LTD
COLLATERAL CONTRACTS
LIABILITY
Auctioneering
SALE OF GOODS ACT 1979 S57(2)
SALE OF GOODS ACT 1970 S57(4)
VENDORS
WITHOUT RESERVE
Caveat vendor - 2001 - Solicitors' Journal 145(1) 12 January 2001, 12(1) .
Explains the repercussions of "Barry v Heathcote Ball & Co (Commercial Auctions) Ltd" [2000] 47 EG 178-182 (ABS63088) where the CA ruled that, in a sale by auction 'without reserve', an auctioneer is liable to the highest bidder for the difference between the bid and the market value of the lot if it is withdrawn. Notes that, whilst there is no contract of sale between the seller and the bidder in an auction before the hammer falls, this decision may open the seller to similar liability as it may be considered that there is a collateral contract.
AUCTIONEERS
BARRY V HEATHCOTE BALL & CO (COMMERCIAL AUCTIONS) LTD
COLLATERAL CONTRACTS
LIABILITY
Auctioneering
SALE OF GOODS ACT 1979 S57(2)
SALE OF GOODS ACT 1970 S57(4)
VENDORS
WITHOUT RESERVE