Knowledge Base Glossary
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Glossary Words 1 - 4 of 4
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Selling an item without warranties in regard to its condition and fitness for a particular use. The buyer is responsible for judging the item's durability and lifetime. Also known as "as is, where is" and "in its present condition." Typically, this is a sign that no return privileges will be granted.
Auction with Reserve
An auction in which the seller has set a minimum price for the item and reserves the right to accept or decline any and all bids. The minimum acceptable price may or may not be disclosed. Also known as an auction subject to confirmation and reserve auction.
Auction without Reserve
An auction in which the property is sold to the highest qualified bidder with no limiting conditions or minimum price. Also known as an absolute auction.
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