The method of bidding and the amount of the bids are usually regulated by the conditions of sale1. A sale by auction2 is complete when the auctioneer announces its completion by the fall of the hammer, or in other customary manner, and until the announcement is made any bidder may retract his bid3.
Fictitious bids made by a third person without the privity of the seller or the auctioneer do not invalidate the sale, nor do they affect the seller's right to specific performance4. If an auctioneer pretends to accept bids which have not been made, a claim will lie
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This Practice Note examines:•why negative pledge clauses are used in commercial transactions •the consequences of breaching negative pledge provisions•how negative pledges are viewed in the context of security and quasi-security, and•key considerations when drafting a negative pledge clauseWhere
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