Question

Duncan and Maria are going to an auction. Duncan notices that the ad simply says Auction Today . This means the auction is presumed to be _________________, if nothing is stated to the contrary, in terms of the auction.

without controls

with controls

without reserve

with reserve

without qualifications

Answer 1

Your required answer is option C i.e. Without reserve.

Explanation:

In case of auction without reserve an assets is sold to the highest bidder, regardless of price and since ad simply say auction which means the price of assets is not mentioned on that therefore it also can't be with reserve auction. and remaining other options are also incorrect.

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