Article 2 — Sales · Section 2-328
This guide provides an overview of UCC § 2-328, which addresses the sale of goods by auction.
Source: U.C.C. § 2-328
UCC § 2-328 states that the sale of goods by auction is governed by specific rules, including that the auctioneer may withdraw goods from sale before the auction closes, and that bidders may retract their bids until a hammer falls, establishing acceptance.
UCC § 2-328 governs how goods are sold at auction. It outlines the rules surrounding the bidding process, including the right of the auctioneer to withdraw items and the ability for bidders to retract their bids until the auction is finalized.
A sale of goods in which potential buyers make competitive bids and the item is sold to the highest bidder.
A person who participates in the auction by offering a specified amount for an item.
Example 1
An auction house lists a painting for sale and bidders place their bids incrementally until one person wins the auction when the auctioneer's hammer falls.
Example 2
A guest retracts their bid at an auction just before the sale closes after realizing they accidentally entered a higher bid than intended.