What information must be included in a written auction agreement?

The inclusion of auction terms, commission rates, and signatures from both the seller and the auctioneer in a written auction agreement is essential because this documentation serves to establish clear, enforceable expectations and responsibilities for both parties involved in the auction process.

Specifically, auction terms outline how the auction will operate, clarifying details such as the date, location, and any specific conditions that may apply. Commission rates specify what percentage of the sales price the auctioneer will earn, which is crucial for transparency in financial matters. Lastly, the signatures of both the seller and the auctioneer validate the contract, indicating that both parties are in agreement and are bound by its terms.

While other options mention some pertinent information, they lack the comprehensive nature necessary for a legally sound agreement. Failing to include signatures or not addressing the specific terms can lead to misunderstandings or disputes between the seller and auctioneer, making it critical to adhere to established standards in written agreements.