Public auction

{
  "id": "MLC-T-LAW-004009",
  "term": "Public auction",
  "field": "Law",
  "definition": "A sale of property to the highest bidder in a setting open to the general public. The seller offers an item for sale without a fixed price, and prospective buyers make competing offers, with the property being sold to the person who makes the highest bid. Such auctions are governed by specific rules regarding notice and bidding procedures, which are codified for the sale of goods in Article 2 of the Uniform Commercial Code.",
  "url": "https://mlchart.com/terminology/law/public-auction/"
}