Method for selling items by auction

Details Method for selling items by auction Method for selling items by auction

G - Physics

06

Q

G06Q 90/00 (2006.01) G06Q 30/08 (2012.01)

Patent

CA 2535050

In an auction for an item offered for sale, a sum to be posted by the seller to the auctioneer is designated so that, in the event that the highest bid is greater than a predetermined reserve bid, or the seller chooses to accept the highest bid, the item is sold to the highest bidder and the posted sum is returned to the seller. However, in the event that the seller refuses the highest bid, the auction is terminated by returning the item to the seller and transferring the posted sum to the highest bidder to compensate the highest bidder for his time and trouble.

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