I bought a yacht...

[Sothh]

I won a yacht on bitmit for $400... I the seller has failed to contact me back regarding it, and I would venture to say he will simply cancel the sell.  Is this auction legally binding?  I know the yacht is worth well over $20,000.

[Hippievogel]

it is not an auction, you just bid on it. till the seller thinks it is a reasonable price to sell.

[Sothh]

it is not an auction, you just bid on it. till the seller thinks it is a reasonable price to sell.

What do you mean its not an auction?  Of course it is an auction, and I have the winning bid.  I believe this is uphold-able in a court of law as listing an auction and bidding on it creates and sort of binding contract between the two parties.

[Vod]

I won a yacht on bitmit for $400... I the seller has failed to contact me back regarding it, and I would venture to say he will simply cancel the sell.  Is this auction legally binding?  I know the yacht is worth well over $20,000.

For a $20,000 yacht, I would certainly take advantage of a free lawyer consultation and see if you have a case!   

[chanberg]

happens on ebay all the time.. people win auctions for a 50K car for 20k, and take dealerships to court. In the end they buyer always loses

[Littleshop]

happens on ebay all the time.. people win auctions for a 50K car for 20k, and take dealerships to court. In the end they buyer always loses

Not true.  You MUST pay for the item or make a clear legal attempt to pay within a short period (sending bank check to ebay seller for example if they do not take paypal).  Most auctions are legally binding.  If you do not pay as many buyers who win these auctions fail to do, you have no case.

[b!z]

happens on ebay all the time.. people win auctions for a 50K car for 20k, and take dealerships to court. In the end they buyer always loses

Not true.  You MUST pay for the item or make a clear legal attempt to pay within a short period (sending bank check to ebay seller for example if they do not take paypal).  Most auctions are legally binding.  If you do not pay as many buyers who win these auctions fail to do, you have no case.

so if he does pay, he can have the yacht for $400? sounds good.

[fattypig]

I don't think its an easy fight in the court. You will have a hard time explaining to the judge what is Bitcoin first!!!