RULES GOVERNING THE AUCTION SALE OF 

 HORSES AND OTHER STOCK. 



While many horsemen and farmers who buy and sell stock at auc- 

 tion are perfectly conversant with the rules of law governing this class 

 of sales, there are many who attend such sales, and possibly some who 

 consign their stock to sale in this manner who are not familiar with 

 the legal j^rinciples involved. To these a brief resume of the law of 

 auctions will doubtless be of interest. We therefore present it here 

 in full : 



First of all, the rules of law governing the sale of personal prop- 

 erty in general apply as well to the sale of horses as to other sales of 

 chattels, but in addition to them the peculiar nature of an auction sale 

 has given rise to some special rules. In ordinary sales there are two 

 parties — the buyer and seller. The auction introduces into the trans- 

 action a third and most important party — the auctioneer. It is a rule 

 of law that no one can be an agent for both parties to a sale. The 

 auctioneer is a violation of this rule, for in law he is the agent of both 

 the others. Like any other offer, the offer of property for sale at auc- 

 tion nuiy be either conditional or unconditional. The owner may 

 stipulate in his offer that no bid less than a certain amount will be en- 

 tertained, or that no warranty is given, or he may make such other terras 

 and conditions as he may see fit. If conditioDs are attached to a sale 

 the making of a bid is a legal acceptance of these conditions by the 

 buyer. A frequent source of annoyance to inexperienced bidders at 

 auction sales is the fact that when they are made at established mar- 

 kets they are made according to the rules of that market unless other- 

 wise specified. If the rules are posted or notice of them is given, 

 whether he actually sees them or receives the notice, the bidder is 

 bound by them. In fact, there is some ground for the position that it 

 is his duty to inquire concerning them, failing in which, he is bound 

 by them on the ground that he is at fault in not informing himself. 

 It is well settled that when property has been offered for sale at auc- 

 tion it may be withdrawn, and when a bid has been made it may be 



— 456 — 



