Any official term for 'bid' please?

[Mehrgan]

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.

 

[bhaisahab]

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.

 

[Mehrgan]

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.

 

[5jj]

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.

 

[VivienneM]

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".

 

[Tdol]

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