§490:2-328  Sale by auction.  (1)  In a
sale by auction if goods are put up in lots each lot is the subject of a
separate sale.



(2)  A sale by auction is complete when the
auctioneer so announces by the fall of the hammer or in other customary
manner.  Where a bid is made while the hammer is falling in acceptance of a
prior bid the auctioneer may in his discretion reopen the bidding or declare
the goods sold under the bid on which the hammer was falling.



(3)  Such a sale is with reserve unless the
goods are in explicit terms put up without reserve.  In an auction with reserve
the auctioneer may withdraw the goods at any time until he announces completion
of the sale.  In an auction without reserve, after the auctioneer calls for
bids on an article or lot, that article or lot cannot be withdrawn unless no
bid is made within a reasonable time.  In either case a bidder may retract his
bid until the auctioneer's announcement of completion of the sale, but a
bidder's retraction does not revive any previous bid.



(4)  If the auctioneer knowingly receives a bid
on the seller's behalf or the seller makes or procures such a bid, and notice
has not been given that liberty for such bidding is reserved, the buyer may at
his option avoid the sale or take the goods at the price of the last good faith
bid prior to the completion of the sale.  This subsection shall not apply to
any bid at a forced sale. [L 1965, c 208, §2-328; HRS §490:2-328]



 



Case Notes



 



  "Thirty day money back guarantee" did not prevent
sale from constituting an auction.  51 H. 502, 463 P.2d 914.