South Dakota Codified Laws 59-8-2. Memorandum binding both parties
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An auctioneer has authority from a bidder at the auction as well as from the seller to bind both by a memorandum wherever a written memorandum is required, by any statute or by usage, to make a valid contract of sale and such memorandum must be in the form and content prescribed.
Terms Used In South Dakota Codified Laws 59-8-2
- Contract: A legal written agreement that becomes binding when signed.
- Statute: A law passed by a legislature.
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
Source: CivC 1877, § 1386; CL 1887, § 4009; RCivC 1903, § 1705; RC 1919, § 1287; SDC 1939, § 3.0502.