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Auctions Help

What is the definition of Auction ?
 

Basically, an auction is a sale in which the valuation of the item is determined by the process of bidding, and the item will be sold to the highest bidder. Potential buyers will participate in an auction by bidding on an item offered by the seller. The bidder who has offered the highest bid at the end of auction wins the right to acquire the item at that price.

Let's look at some terminologies and phrases used in auctions & bidding:

Bid: A bid is the offer of a specific amount of money on an item for sale. Bidders compete with each others during the bidding process and only one highest bidder will win. Keep in mind that bidder with the highest bid is obliged to complete the purchase with the seller.
Win: Bidder wins an auction by placing the highest bid after competing with the rest of the bidders.
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