Once a bid has been accepted, the relationship between the parties is identical to that which exists between a promisor and a promisee in a conventional executory contract of sale. The seller has no right to accept a higher bid, nor may the buyer withdraw the bid[i]. However, through an action for breach of contract, either party may enforce the rights thereby acquired[ii]. The vendor may bring an action for damages in his/her own name where the vendee neglects to comply with the terms of the contract. The vendor cannot sue for the purchase price, where credit has been given, until the expiration of the time allowed for payment[iii].
[i] In re Community Inv. Associates I, 14 B.R. 211 (Bankr. E.D. Va. 1981); Lawrence Paper Co. v. Rosen & Co., 939 F.2d 376 (6th Cir. Ohio 1991).
[ii] Wright v. Vickaryous, 611 P.2d 20 (Alaska 1980).
[iii] Girard v. Taggart, 5 Serg. & Rawle 19, 9 Am. Dec. 327, 1818 WL 2207 (Pa. 1818).