At an Auction for the First Time,Max Bids on an Object,believing

Multiple Choice

At an auction for the first time,Max bids on an object,believing that it is worth more than the price asked.When the item proves to be less valuable,Max is

A) liable on the bid.
B) not liable on the bid because Max misestimated the value.
C) not liable on the bid because the auctioneer misstated the value.
D) not liable on the bid because the object was probably overpriced.