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  1. Mehrgan's Avatar
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    #1

    Any official term for 'bid' please?

    H there,
    Is there any formal title for the occasion when people make bids for something, especially if this is a verdict from a court of law. Thanks.

  2. bhaisahab's Avatar
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    #2

    Re: Any official term for 'bid' please?

    Quote Originally Posted by Mehrgan View Post
    H there,
    Is there any formal title for the occasion when people make bids for something, especially if this is a verdict from a court of law. Thanks.
    I don't understand the connection between a bid and a verdict from a court of law.

  3. Mehrgan's Avatar
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    #3

    Re: Any official term for 'bid' please?

    Oh, sorry. This must be a difference between the contexts, or my poor English! In some cases when one owes several people a huge money, then the court decides that parts of their property can be bought by the creditors at a, ususally, much lower price. I think the first bid is offered by an agent from the court, and the creditors offer higher bids till the property is sold to the one havng offered the highest bid. I was wondering if this, too, can be called 'bidding' or something else, perhaps? Thanks.

  4. 5jj's Avatar
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    #4

    Re: Any official term for 'bid' please?

    Quote Originally Posted by Mehrgan View Post
    In some cases when one owes several people a huge money, then the court decides that parts of their property can be bought by the creditors at a, ususally, much lower price. I think the first bid is offered by an agent from the court, and the creditors offer higher bids till the property is sold to the one havng offered the highest bid.
    *Not a lawyer*

    I don't think we have this system in British courts.

  5. VivienneM's Avatar
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    #5

    Re: Any official term for 'bid' please?

    It might be called a "bankruptcy auction", a "credit auction" or a "foreclosure auction". As 5jj says, it depends what jurisdiction it falls under.

    If it is one of the above terms, then it is probably all right to use the term "bid" and "bidding".

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    #6

    Re: Any official term for 'bid' please?

    That would be bidding; it's not an informal term.

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