(Evil and Chaos @ Sep. 13 2006,02:21)
QUOTE
I'm not entirely familiar with auction law, but under normal transaction circumstances a contract is never closed until both sides have exchanged goods and / or promise of services. At any time up until this point (The invitation to treat, the bidding process, the final offer) , either side can back out.
And like I mentioned above, buyers online have a 7-day protection that runs beyond the completion date.
Possibly auctions come under a different section of the law that negates your ability to back out once the hammer goes down, though without a material exchange taking place I can't see offhand how a seller could be legally bound until the moment the buyer has paid, unless there is a specific clause in uk law dealing with auction procedures.
Ah I see where you are going. Interesting angle.
The point of view I think eBay is using (And who knows if it would stand up to a real court action 
) is that this contract is between them (eBay) and you. And that contract sets the boundaries you agree to be bound by when conduction auction or posting a bid.
The exchange is between you and them (eBay). The access to their service has intrinsic value. You proved you received this value (access to the service) when you posted a bid or auction. They gave and you accepted a service and thus you have a valid contract. In so doing you further agreed to wave certain rights as outlined in the service agreement. Or I think their argument would go something like that. 
Thus if this stands up in a court then your obligation to follow through is established and becomes legally binding.
Of course this is all moot because we all know many agreements can be broken once they land in a court.
dafrca
