Auction
A New Law Dictionary and Glossary · Alexander M. Burrill · 1850
A New Law Dictionary and Glossary
[from Lat. auctio, from augere, to increase.] A public sale, where the parties desiring to purchase bid upon each other, that is, successively offer an increasing price; the sale being to the highest bidder. From the circumstance of the bids being repeated aloud by the salesman or auctioneer, it has been sometimes termed a sale by outcry.
Babington on Auctions, 3.
Both the term auction, and the mode of sale itself are of Roman origin.
Id. 1—3.
See Subhastatio.
See Subhastatio.