06 LC
14 9349
House
Bill 1179
By:
Representatives Coleman of the
97th,
Keen of the
179th,
Crawford of the
127th,
Smith of the
129th,
Smith of the
131st,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 3 of Title 13 of the Official Code of Georgia Annotated, relating
to elements and formation of contracts, so as to provide that the placement and
acceptance of a winning bid at an auction conducted by an licensed auctioneer
shall constitute a valid and binding contract; to provide for recovery of actual
and exemplary damages; to provide for related matters; to repeal conflicting
laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
3 of Title 13 of the Official Code of Georgia Annotated, relating to elements
and formation of contracts, is amended by adding at the end of Article 1 a new
Code Section 13-3-6 to read as follows:
∀13-3-6.
(a)
The placement and acceptance of a winning bid at an auction conducted by an
auctioneer licensed under Chapter 6 of Title 43 shall constitute a valid and
binding contract.
(b)
The failure of either party to complete the sale and purchase pursuant to a
contract subject to subsection (a) of this Code section shall entitle the other
party to compensatory damages. In addition, if the property which was the
subject of the contract has a value of more than $1,000.00, the party not at
fault shall be entitled to recover from the party at fault exemplary damages in
the amount of 10 percent of the value of the property but not more than
$1,000.00.∀
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.