Highest Bidder

Absolute Auction
An absolute auction is a type of auction where the property is sold to the highest bidder without any reserve price, meaning that the highest bid will win regardless of its amount.
Outbid
In the context of auctions and competitive bidding, 'outbid' refers to placing a higher bid than a competitor. A person who has been outbid has lost the auction to the highest bidder.

Accounting Terms Lexicon

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