3-05-02. Authority to bind both parties.
55 words·~1 min read·
/nd/title-03/chapter-3-05-auctioneers/3-05-02·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An auctioneer has authority from a bidder at the auction as well as from the seller to bind both by a memorandum of the contract whenever a written memorandum is required by any statute or by usage to make a valid contract of sale, and such memorandum must be in the form and content prescribed.