Payne v Cave [1789]
Facts of the case The defendant bid at an auction. However, he later withdraw the bid before the fell of the hammer. Held The defendant is not bound to buy the lot. Each bid is an offer. The offer can be withdrawn before it is accepted by knocking down the hammer. Conclusion In an auction, each bid is an offer which means that it can be withdrawn before it is accepted by the fell of the hammer.
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