When does a bid made at an auction mature into a contract?
A. As per Section 5 of the Contract Act 1872, a bid made at an auction matures into a contract when it is accepted by the auctioneer, who acts as an agent of the seller, or by another authorized person or authority. If the acceptance is not communicated to the bidder, no concluded contract comes into being.
This FAQ is prepared by Sadia Saman Advocate