Patent ID: 8024226

Claim:
A system for facilitating a transaction over a network between one of a plurality of buyers and one of a plurality of sellers, said system comprising: a storage unit; a processor connected to said storage unit; said storage unit configured to store a program for controlling said processor, said processor operative under control of said program to: receive from a buyer, over the network, a binding offer to buy a selected product at an offered purchase price; receive from the buyer, over the network, information identifying at least one geographical region selected by the buyer in which the binding offer to buy is effective; receive from at least one of the plurality of sellers, over the network, at least one offer to sell the selected product at a location within the at least one geographical region, wherein each offer to sell is at an offered sales price; determine whether a purchase transaction of the selected product is to be consummated based on the received binding offer to buy at the offered purchase price within the at least one geographical region selected by the buyer and based on receipt of at least one offer to sell the selected product at a location that is within the at least one geographical region selected by the buyer at an offered sales price that meets the offered purchase price; and facilitate consummation of the purchase transaction.