bid

(1) An offer to pay a specified price for an article about to be sold at auction. (2) An offer to do work or furnish materials at a specified price.

An offer to pay a specified price for an article about to be sold at auction. An offer to perform a contract for work and labor or supplying materials at a specified price.

An offer by an intending purchaser to pay a designated price for property which is about to be sold at auction. U. S. v. Vestal (D. C.) 12 Fed. 59; Payne v. Cave, 3 Term, 149; Eppes v. Railroad Co., 35 Ala. 56.

— Bid in. Property sold at auction is said to be "bid in" by the owner or an incumbrancer or some one else who is interested in it, when he attends the sale and makes the successful bid.

— Bid off. One is said to "bid off" a thing when he bids for it at an auction sale, and it is knocked down to him in immediate succession to the bid and as a consequence of it. Ep-pes v. Railroad Co., 35 Ala. 56; Doudna v. Harlan, 45 Kan. 484, 25 Pac. 883.

— Bidder. One who offers to pay a specified price for an article offered for sale at a public auction. Webster v. French, ll 111. 254.

— Biddings. Offers of a designated price for goods or other property put up for sale at auction.

— Upset bid. A bid made after a judicial sale, but before the successful bid at the sale has been confirmed, larger or better than such successful bid, and made for the purpose of upsetting the sale and securing to the "upset bidder" the privilege of inking the property at his bid or competing at a new sale. Yost v. Porter, 80 Va. 858.

To off er a price, more competition for a contract furnished. Bid off: to the thing on sale knocked ding: fictitious bidding to mislead bona fide bidders

In its most comprehensive sense, to make an offer; in its more ordinary acceptation, to make an offer at an auction; ' the offer itself. Also, the price at which a contractor will furnish material or do some other particular thing. Bid off. One is said to bid off a thing when he bids at an auction and the thing is knocked down to him in immediate succession to his bid and as a consequence of it.' Bidder. One who offers to give a designated price for propert Sy on sale at an auction. By-bidding. Fictitious bidding; running up the price of an article, not to save it from sacrifice, but to mislead bona fide bidders; puffing. Upset bid. A more liberal bid on property sold at public sale, offered to the court having jurisdiction in the proceeding, in order that the sale already made may be set aside, or confirmation thereof withheld, and that the new bid may be entertained, perhaps along with other bids. Whence upset-hidder, for the person who makes such offer.* (Local.) The article offered for sale is to be delivered to the highest real bidder. If a minimum price is fixed notice thereof must be given. By-bidding, since it deceives and involves falsehood, is a fraud.' An agreement not to bid, that is, to prevent competition and possibly to cause a sacrifice of the property, is void, as against public policy. On a breach of a contract to pay a bid the measure of damages is the amount which would have been received if the contract had been kept." It was formerly the rule in England, in chancery sales, that, until confirmation of the master's report, the bidding would be " opened " upon a mere offer to advance the price ten per centum. But Lord Eldon expressed dissatisfaction with this practice, as tend- > State V. Yopp, 97 N. C. 477 (1887). 2 Cook, Highways. See 69 Law Times, 28 (1880); 25 Solio. J. & R. 4 (1880) — commenting on Taylo Vs and Williams' cases, anie — notes 10, 11. = Eppes.u Mississippi, &c. E. Co., 35 Ala. 56 (1859), Walker, 0. J. < See Yost v. Porter, 80 Va. 855 (1885). 'Veazie tj. Williams, 8 How. 151-53 (1860), cases; 2 Kent, 638. "Wicker v. Hoppock, 6 Wall. 97-08 (1867), cases; ing to impair oonfldenoe in sales, to keep bidders from attending, and to diminisii the anioupt realized, and his views were finally adopted in the statute of 30 and 81 Viet. (1867), c. 48, § 7... In this country his views were followed at an early day by the courts, and the rule has become almost universal that a sale will not be set aside for inadequacy of price unless the inadequacy be so great as to shock the conscience, or unless there be additional circumstances against its fairness; being very much the rule that always prevailed in England as to setting aside a sale after a master's report had been confirmed.. If the inadequacy of price is so gross as to shock the conscience, or if, in addition to gross inadequacy, the purchaser has been guilty of unfairness, or has taken any undue advantage, or if the owner of the property, or the party interested in it, has been for any other reason misled or surprised, the sale will be regarded as fraudulent and void, or the party injured will be permitted to redeem the property sold. Great inadequacy requires only slight circumstances of unfairness in the conduct of the party benefited by the sale to raise the presumption of fraud. 1 See Adequate, 1; Auction; EESpo NsmLE; Sale, Judicial.

contracts. A bid is an offer to pay a stipulated price for an article about to be sold at auction. The bidder has a night to withdraw his bid at any time before it is accepted, which acceptance is generally manifested by knocking down the hammer. 3 T. R. 148; Hardin’s Rep. - 181; Sugd. Vend. 29; Babington on Auct. 30, 42. Et vide, Offer.