If you intend to sell anything through online auction, don’t forget to set the minimum bid price. Failing to set minimum bid price is bound to put you in great loss. Here is an example.
A German from Porz, who failed to set the minimum bid for online sale of his six metre “Jeanneau Sun Way 21” yacht in AllesAuktion.de had to finally sell his yacht for meager amount of $22.50 against his expected price of $12,000.
When the issue was taken to the court highlighting the mistake committed, the court has ruled that the German has to go through with the transaction. Further,the German’s action to withdraw the sale of the boat from website, citing ‘technical problems’ and ‘errors’ were rejected by the court. The court has also clarified that the standard laws of business transactions equally apply to internet auctions.
If the German fails to honour the sale, he has to pay $12,000 as damages for the failed auction. For more details, read The Local.
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