DUMB BIDDING

DUMB BIDDING

dumb bidding. An auction bidding process in which the minimum acceptance price is placed under the object for sale ¡ª unbeknownst to the bidders ¡ª and no bids are accepted until they meet that price. ? Dumb bidding was initially intended to avoid the taxes imposed on auction sales by the statute of 1779, 19 Geo. 3, ch. 56, ¡ì¡ì 5¨C6, but the courts determined that the practice was fraudulent. [Cases: Auctions and Auctioneers

7. C.J.S. Auctions and Auctioneers ¡ì¡ì 2, 8¨C17.]


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Carl, Chinese legal translator, specializes in translating legal documents pertaining to complex business disputes.