An auction is a public sale in which the price is determined by bidding, and the item is sold to the highest bidder. A potential buyer participates by bidding on an item that a seller has listed. The person who has offered the highest bid at close of auction wins the right to purchase the item at that price.
Let's review some terms and phrases used in auctions:
|Bid: ||A bid is the offer of a specific amount of money on an item for sale. The bidder competes with other potential buyers, keeping in mind that the buyer with the highest bid is obliged to complete the purchase with the seller. In other words, your bid tells other buyers, "I want to buy this item at this price!" |
|Win: ||You win an auction by placing the winning bid and obtaining the item on auction. The person with the high bid is the winner of the auction. |