eBay is one of the biggest online auctioning companies in the world. Buyers and sellers of all types are able to hop online, put up something for sale, and sell it! Basically, the way it works is that you find something you want to bid on, place a bid on it, and wait to see if your bid wins. If it does, you send your information to the seller, and in return, he or she sends you your goods.
-In at least two pages in length ALSO Include an introduction in your paper.
-Is an eBay auction a legally-binding contract?
-Consider whether a bid placed in an online auction on eBay is legally binding and, therefore, enforceable.
-Explain your reasoning using the rules of contract analysis that you have learned thus far, including valid offer, valid acceptance, and the various forms of consideration.
Introduction
eBay is an American corporation that is based in San Jose, California. It facilitates businesses from consumer to consumer and business to consumer to maximize the profits of the sales. For some years, eBay has facilitated the online auction that has been enhanced by their websites, whereby people are charged fees when they list their items on the platform. This has created diversity in how buyers and sellers can manage online auctions in different parts of the world. Consequently, the sales are based on bidding, whereby if the bid buyer wins; the seller accepts the outcome and sends the goods to the buyer before payment as indicated on the bid. Therefore, eBay has changed a larger percentage of the e-commerce business globally due to the online auction process, which has improved the online business sector.
eBay auction is a legally binding agreement because it involves a contract between a buyer and a seller. Before running out of the online auction time, as indicated, the highest bidder and the seller form a legally binding contract depending on the price set out on the bid. The terms of the online auction provide necessary legal binding that is available for all auction procedures. However, due to state laws and other complexities of real estate and vehicle sales bids in most countries, this may make this category have a non-binding contract.
A bid placed in an online auction is on an online auction on eBay is legally binding, and therefore, this makes it possible to be enforced. Legal binding is referred to as a requirement of both parties: buyer and seller, to obey and follow the contract’s terms and conditions as indicated on the contract. Legal consequences precede failure to follow or not acting as indicated on the contract. A legal binding contract should have a valid offer, valid acceptance as well as various considerations. A valid offer provides intent and definite terms that are offered to the offeree.
Therefore, the elements of acceptance provide a clear manifestation that it is bound to accept the terms and conditions of the contract. This makes it possible for the bids placed on online auction eBay to be legally binding and enforceable as per the terms of the contract. Conversely, consideration plays a vital role in the provision of a binding agreement in any form of contract. Contract obligation is bound to consider as it creates a legal binding between the buyer and the seller. However, there are cases whereby there are illusionary promises available, and the law does not recommend this. Therefore, consideration makes it possible for online auctions to be legally binding and become enforceable by law. Therefore, for an online bid to be legally binding, it should show different validity elements in terms of offer, acceptance, and consideration.
Conclusively, eBay has shaped the e-commerce sector when it comes to online auction and globally buying and selling products. This has also been geared up with the availability of state laws that ensure there are no illusionary promises regarding the selling of products online. Besides, eBay has changed a larger percentage of the e-commerce business globally due to the online auction process, which has improved the online business sector.
Reference List
https://online.vitalsource.com/#/books/9781260159264
Kubasek, N., Browne, M. N., Herron, D. J., Dhooge, L. J., & Barkacs, L. (2019). Dynamic business law: The essentials (4th ed.). McGraw-Hill Education.
