At an Auction for the First Time,Darcy Bids on a One-Hundred-Year-Old

Multiple Choice

At an auction for the first time,Darcy bids on a one-hundred-year-old Edison-brand phonograph,believing that it is worth more than the price asked. When the item proves to be less valuable,Darcy is

A) liable on the bid.
B) not liable on the bid because Darcy overestimated the value of the item.
C) not liable on the bid because the auctioneer overstated the value of the item.
D) not liable on the bid because this was Darcy's first auction