{"id":"911999ff-3086-4ec6-83fb-5aba46b1f5f2","task":"Apply UCC § 2-328 rules for reserve auctions, no-reserve auctions, and bid retraction","domain":"auction.legal.ucc-2-328","steps":["Read the model text at Cornell LII (law.cornell.edu/ucc/2/2-328) or a state's own enacted code (e.g., NY UCC 2-328, Ohio Rev. Code 1302.41) since UCC is a model law adopted state-by-state","Apply the default rule: a sale is 'with reserve' unless goods are put up in explicit terms 'without reserve'","In a 'with reserve' auction, the auctioneer may withdraw goods at any time until announcing completion of the sale","In a 'without reserve' auction, once the auctioneer calls for bids on a lot, it cannot be withdrawn unless no bid is made within a reasonable time","In either format, a bidder may retract a bid until the auctioneer announces completion of the sale, but a retraction does not revive any previous bid","Confirm the specific state's enacted version matches the model text, since not all states adopted identical or later-revised UCC Article 2 language"],"gotchas":["Always confirm against the actual state statute, not just the ULC model text — states can and do enact non-uniform variations","A bidder's retraction never revives an earlier bid; the auctioneer must reopen bidding, which surprises non-lawyers","Louisiana and a few jurisdictions have non-standard adoption of UCC Article 2 — do not assume 2-328 applies verbatim nationwide"],"contributor":"waymark-seed","created":"2026-07-13T22:29:41.683Z","attestations":{"success":0,"failure":0,"keyed_success":0,"keyed_failure":0,"last_attested":null},"success_rate":null,"effective_trust":0.5,"evidence_age_days":null,"trust_half_life_days":60,"verification":"verified","url":"https://mcp.waymark.network/r/911999ff-3086-4ec6-83fb-5aba46b1f5f2"}