Instructions:
eBay is one of the biggest online auctioning companies in the world. Buyers and sellers of all types are able to hop online, put up something for sale, and sell it! Basically, the way it works is that you find something you want to bid on, place a bid on it, and wait to see if your bid wins. If it does, you send your information to the seller, and in return, he or she sends you your goods.
Is an eBay auction a legally-binding contract? In at least two pages in length, consider whether a bid placed in an online auction on eBay is legally binding and, therefore, enforceable. Explain your reasoning using the rules of contract analysis that you have learned thus far, including valid offer, valid acceptance, and the various forms of consideration. Include an introduction in your paper.
One source is required for your paper. Adhere to APA Style when creating citations and references for this assignment.
Answer previewSince the seller decides how long an item will remain up, when the time chosen comes to an end, the seller and the buyer who made the highest bid enter into a valid and enforceable contract (Kariyawasam & Guy, 2008). The highest bid represents an offer made by a buyer, indicating their desire to purchase an item. Once the auctioning time is up, it is assumed that the seller has accepted the highest bid, and as such, two essential elements of a contract get fulfilled. An example is when a seller puts up an autographed sports memorabilia and attaches a ten thousand reserve price, and states that the auction will run for two days. Once the time culminates, the highest bid stands at twelve thousand dollars, and since it is above the seller’s reserve price, it gets assumed that the seller and the person who placed the highest bid have a legally-binding contract. The seller then has to sell the sports memorabilia for twelve thousand, and the buyer has to pay the money to conclude the contract.
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