What essential details should be included in auction contracts?

The inclusion of essential details in auction contracts is critical for ensuring clarity and fairness in the auction process. The correct choice encompasses the key components necessary for establishing a clear and legally binding agreement between all parties involved.

Terms of sale outline the rules and conditions under which the auction will take place, ensuring that both the buyers and sellers fully understand their rights and responsibilities. The auction date is crucial for scheduling and planning purposes, as it informs participants when the auction will occur. Consigner's information is vital for accountability and transparency; it identifies who is selling the items and provides necessary contact information. Commission structures are also important as they detail how fees are calculated and what the auctioneer will earn from the sale, making the financial aspects clear to the consigner.

These elements establish a comprehensive framework that protects both the auctioneer and the participants, minimizes disputes, and helps maintain the integrity of the auction process. In contrast, the other options lack the necessary details to provide a complete understanding of the auction's operational and financial aspects.