BID - Black's Law Dictionary

What is BID? Definition of BID in Black's Law Dictionary - Legal dictionary - Glossary of legal terms.

An offer by an intending purchaser to pay a designated price for property which is about to be sold at auction. U. S. v. Vestal, D.C.N.C., 12 59. Payne v. Cave, 3 Term, 149; Eppes v. Rail road Co., 35 Ala. 56. See Chilling a sale.

An offer to perform a contract for work and labor or supplying materials at a specified price.

Similarly, an offer to do any of various other acts, as the payment by a bank of a particular rate of interest for the privilege of becoming a depositary of county funds. Casey Independence County, 109 Ark. 11, 159 S.W. 24, 25, Ann. Cas.1915C, 1008. A "bid" for bonds is no more nor less than a proposition. Joint School Dist. No. 132 in Major County and Alfalfa County v. Dabney, 127 Oki. 234, 260 P. 486, 491.

—Bid in. Property sold at auction is said to be "bid in" by the owner or an incumbrancer or some one else who is interested in it, when he attends the sale and makes the successful bid.

—Bid off. One is said to "bid off" a thing when he bids for it at an auction sale, and it is knocked down to him in immediate succession to the bid and as a consequence of it. Eppes v. Railroad Co., 35 Ala. 56; Doudna, v. Harlan, 45 Kan. 484, 25 Pac. 883.

—Bidder. One who makes a bid. One who offers to pay a specified price for an article offered for sale at a public auction. Webster v. French, 11 Ill. 254. As to "Responsible bidder" see that title.

—Biddings. Offers of a designated price for goods or other property put up for sale at auction.

—By-bidding. In the law relating to sales by auction, this term is equivalent to "puffing." The practice consists in making fictitious bids for the property, under a secret arrangement with the owner or auctioneer, for the purpose of misleading and stimulating other persons who are bidding in good faith.

—Competitive bidding. "Competitive bidding" means that the council must by due advertisement give opportunity for everyone to bid, but does not mean that more than one bid must be submitted. Blanton v. Town of Wallins, 218 Ky. 295, 291 S.W. 372, 375. The term means bidding upon the same undertaking, upon the same material items in the subject matter, upon the same thing. Leininger v. Ward, 126 Okl. 114, 258 P. 863, 864.

—Upset bid. A bid made after a judicial sale, but before the successful bid at the sale has been confirmed, larger or better than such successful bid, and made for the purpose of upsetting the sale and securing to the "upset bidder" the privilege of taking the property at his bid or competing at a new sale. Yost v. Porter, 80 Va. 858.

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That's the definition of BID in Black's Law Dictionary - Legal dictionary - Glossary of legal terms. Courtesy of Cekhukum.com.