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Payne v Cave (1789) CKB
At an auction, the defendant placed a bid for the plaintiff's goods, but he pulled out of the running before the hammer fell.
Every bid is an offer and as such, a bid may be withdrawn "by knocking down the hammer" prior to acceptance. Consequently, in this instance, the defendant was not required to purchase the lot.
At an auction, the defendant placed a bid for the plaintiff's goods, but he pulled out of the running before the hammer fell.
Every bid is an offer and as such, a bid may be withdrawn "by knocking down the hammer" prior to acceptance. Consequently, in this instance, the defendant was not required to purchase the lot.
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