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Is there customary "bad" practice?
Is there customary “bad” practice?
We have written about three (3) distinct standards that auctioneers are held to in court proceedings or by regulatory agencies:
Customary practice
Industry standards
Commercially reasonable
Previously we wrote about these three (3) standards here: https://mikebrandlyauctioneer.wordpress.com/2020/01/13/customary-practice-industry-standards-and-commercial-reasonableness/.
Today, we are writing…
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Seller's tolerance for risk
Seller’s tolerance for risk
We’ve held for many years that all bidders at any auction need to adhere to the same terms and conditions. For instance, all bidders need to produce a driver’s license and sign an acknowledgment.
Or, terms and conditions could offer bidders a choice … either a driver’s license or state-issued identification and sign an acknowledgment. Further, terms and conditions could say,“Driver’s…
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Westgate State Bank v. Clark, 642 P.2d 961 (Kan. 1982)
Westgate State Bank v. Clark, 642 P.2d 961 (Kan. 1982)
Forced sales, court-ordered auctions, and the like are often held to a “commercially reasonable” standard. It’s clear commercially reasonable is also a good standard for any auction.
In the case Westgate State Bank v. Clark, 642 P.2d 961 (Kan. 1982) the court ruled in such a case of commercially reasonableness, noting this passage (emphasis added:)
One of the most important elements of…
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NAA Community Conversation: Marketing & Management
NAA Community Conversation: Marketing & Management
Annually, National Auctioneers Week is the week leading up to the first Saturday in May – National Auctioneers Day. National Auctioneers Association members take part in a week-long promotional campaign that highlights the auction method of marketing.
This 2020 National Auctioneers Week is April 27 – May 2, culminating with National Auctioneers Day on Saturday, May 2, 2020. The auction industry…
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