Auction sale is an example of: (a) Executed Contract (b) Tacit Contract (c) Executory Contract (d) Implied Contract Can you explain why the correct answer is not (d) but (b).?

Question

Answer

In a Implied contract terms and conditions are not know to the parties.. but.. in a tacit contract are aware about terms and conditions
in this case of auction sale
According to SOG act, 1930 sec 64(2)
we know the terms and conditions that the sale is complete when the auctioneer announces it's completion by the fall of hammer or in other customary manner, and until such announcement is made and bidder may retract his bid

That's why correct answer is option (b).

Answer

Because it is done by the conduct of parties but not at regular intervals hence option b is correct

Answer

Implied contract is that contract where the parties are not intentionally enters into a contract and

tacit contract are those contract where both the parties are aware of their action and contract and

it is depends on physical action of the parties therefore the answer is B and not C

Answer

Yes tacit contract  mainly includes two examples i.e. Auction sale and money withdrawn from ATM machine

Answer

Introduction:
Auction sale is a common method of selling goods or services to the highest bidder. It involves a public event where multiple participants place bids on the item being auctioned. The auctioneer facilitates the process and declares the highest bidder as the winner of the item. In this context, we will discuss whether auction sales are an example of an executed contract or a tacit contract.

Executed Contract:
An executed contract refers to an agreement in which both parties have fulfilled their obligations. In other words, all terms and conditions of the contract have been performed, and the contract is considered completed. The rights and responsibilities of the parties involved have been fulfilled, and nothing further remains to be done.

Tacit Contract:
A tacit contract, also known as an implied contract, is an agreement between parties that is not explicitly stated or written. It is based on the actions, behavior, or circumstances of the parties involved. While not explicitly discussed or agreed upon, the terms and conditions are understood and presumed to be in place.

Auction Sale as a Tacit Contract:
An auction sale represents a tacit contract because the terms and conditions of the sale are not explicitly stated or agreed upon beforehand. The bidding process itself creates an implied agreement between the auctioneer and the bidders. By participating in the auction, bidders acknowledge and accept the rules and conditions set by the auctioneer.

Key Points:
- Auction sales involve a public event where participants bid on an item.
- The auctioneer facilitates the process and declares the highest bidder as the winner.
- Executed contracts refer to agreements where both parties have fulfilled their obligations.
- Tacit contracts, or implied contracts, are agreements based on actions, behavior, or circumstances.
- Auction sales are considered tacit contracts because the terms and conditions are not explicitly stated or agreed upon.
- By participating in the auction, bidders acknowledge and accept the implied rules and conditions set by the auctioneer.

Conclusion:
In conclusion, auction sales are an example of a tacit contract because the terms and conditions of the sale are not explicitly stated or agreed upon beforehand. Participants in the auction acknowledge and accept the implied rules and conditions by their active involvement in the bidding process. Therefore, the correct answer is (b) Tacit Contract, not (d) Implied Contract.

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