Here, the auctioneer announced that the Conditions of Sale contained in the catalog were binding on participants, and Wilson offers no evidence that the auctioneer orally modified the conditions. Thus, the conditions contained in the catalog were incorporated into the contract of sale when Wilson became the successful bidder for the four horses. Whether he had actual knowledge of the conditions, Wilson had imputed knowledge of his obligation to register as an agent or face personal liability. According to Wilson, there was no evidence that he ever agreed to be bound by the terms in the catalog. This argument demonstrates a fundamental misunderstanding of the function of an auction.
Sellers conduct auctions for economical reasons.
They limit negotiations between the parties by relying on the descrip tions and terms printed in advertisements or catalogs or announced at the auction. Horse Breeders Assoc. If parties do not agree with the published terms, they do not place bids. But if a party does bid and is successful, he cannot later refuse to complete the contract because he dislikes the terms. We again note that bidders are charged with having knowledge of the published terms and conditions that will govern the auction.