| 单词 | Without reserve |
| 释义 | 無保留 An auction at which the highest valid bid need not equal or exceed some specified price (a ‘reserve price’) for that bid to be successful. In a sale by auction of any land the particulars or conditions should state whether such land will be sold without reserve, or subject to a reserved price, or whether a right to bid is reserved: Sale of Land by Auction Ordinance (Cap 27) s 3(1). If it is stated that such land will be sold without reserve or to that effect, it is not lawful for the seller to employ any person to bid at such sale or for the auctioneer to take knowingly any bidding from any such person: s 3(2). If an auction for sale was without reserve, and the auctioneer only realises the mistake that there was a reserve price, which was not reached, after the fall of the hammer, the highest bona fide bidder may have a legal remedy in damages for a breach of warranty of authority to sell without reserve: Kwok Lai Ting v Hughes & Hough (1922) 17 HKLR 51. On an auction without reserve, there is a collateral contract between the auctioneer and the highest bidder, consisting of an offer by the auctioneer to sell to the highest bidder and an acceptance of that offer when the bid is made. Consideration for the auctioneer’s promise comes in two forms, namely a detriment to the bidder, since his bid can be accepted unless and until it is withdrawn, and a benefit to the auctioneer as the bidding is driven up. Thus on an auction without reserve, the highest bid cannot be rejected merely because it is not high enough: Barry v Heathcote Ball & Co (Commercial Auctions) Ltd [2001] 1 All ER 944, 1 WLR 1962 (CA). If no reserve is fixed and the auctioneer advertises the sale as ‘without reserve’, liability may attach to the auctioneer if, subsequently, the vendor withdraws the lot, buys it in, or fixes a reserve so that it is not sold to the highest bidder. Although no sale will be achieved, the auctioneer may be liable on a collateral contract that the sale be without reserve: Warlow v Harrison (1859) 1 E & E 309. See also Auction; Reserve price. 在拍賣中要想竟拍成功，最高出價不需等於或超過某些指明價格（「底價」）。任何土地的拍賣細則或條件，須述明該土地是否不設底價而出售，或其出售是否受任何底價規限，或賣家是否保留出價權利：《土地拍賣條例》（第27章）第3(1)條。如曾述明該土地是不設底價而出售的，或有關的述明意思如此，則賣家僱用任何人在該項拍賣中出價或拍賣人明知而接受該人的任何出價，均屬不合法：第3(2)條。如一項拍賣是不設底價而出售的，而拍賣人在落錘後才意識到，出價尚未達致底價，如主辦方違反不設底價出售的保證，則最高真誠競投人可需求法律補救：Kwok Lai Ting v Hughes & Hough (1922) 17 HKLR 51。在不設底價出售中，拍賣人與最高競投人間具有附屬合約，該合約規定，拍賣人向最高競投人作出要約出售，出價完成時該要約即獲接納。對拍賣人承諾的看法有兩種，即對競投人不利（除非直至該承諾撤回，其出價方可獲得接納），及對拍賣人有利（出價被抬高）。因此，在不設底價的拍賣中，不得僅因價格不夠高而拒絕最高出價：Barry v Heathcote Ball & Co (Commercial Auctions) Ltd [2001] 1 All ER 944, 1 WLR 1962（英國上訴法院）。如未設底價，且拍賣人在廣告中宣稱該出售「不設底價」，如買方於隨後撤回該塊土地、買進或釐定底價，從而不再售予最高出價者，則拍賣人將要承擔法律責任。雖然不能實習任何出售，但拍賣人應對不設底價出售的附屬合約承擔責任：Warlow v Harrison (1859) 1 E & E 309。另見 Auction; Reserve price。 |
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