Legal Term: BID

Definition: contracts. A bid is an offer to pay a specified price for an article about to be sold at auction. The bidder has a right to withdraw his bid at any time before it is accepted, which acceptance is generally manifested by knocking down the hammer. 3 T. R. 148, Hardins Rep. 181, Sugd. Vend. 29, Babington on Auct. 30, 42, or the bid may be withdrawn by implication. 6 Penn. St. R. 486, 8, Id. 408. Vide 0ffer.

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