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Selling an item without warranties in regard to its condition and fitness for a particular use. The buyer is responsible for judging the item's durability and lifetime. Also known as "as is, where is" and "in its present condition." Typically, this is a sign that no return privileges will be granted.

An auction in which the seller has set a minimum price for the item and reserves the right to accept or decline any and all bids. The minimum acceptable price may or may not be disclosed. Also known as an auction subject to confirmation and reserve auction.

An auction in which the property is sold to the highest qualified bidder with no limiting conditions or minimum price. Also known as an absolute auction.

An indication and offer on an item up for sale at a competitive public auction. Bids are typically made in predetermined increments.

A form executed by the high bidder, which identifies the bidder and confirms that he or she won the auction. It also verifies the item's bid price and description.

A historical list of all the bids made on a particular auction during or after the auction.

The amount an item increases in price after each new bid. The seller sets the increment.

An unlawful practice in which two or more people agree not to bid against one another in order to deflate the potential value of an item. See collusion.

The practice of contacting bidders and offering to sell them the same item they are currently bidding on, thus drawing bidders away from the legitimate seller's auction.

A high bidder's confirmation that the item for sale was listed at its fair market value.

An online search that will generate a list of items a user has bid on at an online auction service.

To make an offer on an item that is up for public auction

The categories in which an online auction site organizes its auctions.

The Latin phrase for "let the buyer beware." It is a legal maxim, meaning that liability is transferred from the seller to the buyer in regard to the quality or condition of the item or property up for sale.

An unlawful practice in which two or more people agree not to bid against one another in order to deflate the potential value of an item. Also known as bid rigging.

The legal terms that govern the conduct of a given auction. The conditions might include a reserve price, specific method of payment, or buyer premium.

The user information, including name, address, email, and phone number, provided when registering at an online auction site. All online auction sites require registered users to submit valid contact information.

A binding legal agreement between two or more persons or entities.

The failure to deliver payment on an item after securing the high bid in an online auction. Repeat deadbeat bidding will result in the indefinite suspension of a user on AquaBid.com.