Australian Capital Territory Current Acts

SALE OF GOODS ACT 1954 - SECT 60

    (1)     This section applies in respect of sales by auction.

    (2)     If goods are put up for sale in lots, each lot is prima facie to be the subject of a separate contract of sale.

    (3)     The sale is complete when the auctioneer announces its completion by the fall of the hammer or in other customary way.

    (4)     Until the announcement is made any bidder may retract his or her bid.

    (5)     A right to bid may be reserved expressly by or on behalf of the seller.

    (6)     If a right to bid is expressly reserved, but not otherwise, the seller, or any one person on the seller's behalf, may bid at the auction.

    (7)     If a sale is not notified to be subject to a right to bid on behalf of the seller, it is not lawful—

        (a)     for the seller to bid himself or herself; or

        (b)     for the seller to employ a person to bid; or

        (c)     for the auctioneer knowingly to take a bid from the seller or any such person.

    (8)     The buyer may treat as fraudulent a sale that contravenes the provisions of the subsection (7).

    (9)     A sale may be notified to be subject to a reserved or upset price.