Book One: Obligations · Section One: Sources of Obligation · Chapter One: The Contract · Part Four: Pillars, Validity, Options, and Types of a Contract · First: Elements of a Contract
Without prejudice to the provisions contained in other laws, a contract by auction shall not be concluded except by the fall of the hammer. A bid shall lapse upon the submission of a higher bid, even if it is void, or by the closing of the auction without it being awarded to any person.
Interpretation and application must be checked against the official text and current version.
