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Auction and Its Benefits
An auction is basically a public sale wherein any object is
sold to the highest bidder. It can be defined as a process
of purchasing and selling things by offering them up for bid,
taking bids and selling the things out to the highest bidder.
This is what is generally the case. However, a sale to the
lowest bidder may also take place, in cases where land is
sold for non-payment of taxes to anyone willing to take it
for the shortest term; or where a contract is offered to an
individual or party willing to take it for the shortest term;
or where a contract is offered to an individual or party
willing to perform it at the lowest price. Such cases too
seem to fairly come under the purview of the term 'auction'. Cat 50349
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