Plain language law

New Zealand law explained for everyone

Fair Trading Act 1986

Consumer transactions and auctions - Auctions

36Z: Each lot is separate contract of sale

You could also call this:

"Each item sold is a separate sale"

Illustration for Fair Trading Act 1986

When property is sold by auction in lots, you get a separate auction for each lot. You also get a separate contract of sale for each lot that is sold. This means each lot is treated as a separate sale.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6156667.

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Topics:
Housing and property > Buying and selling homesMoney and consumer rights > Consumer protection
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36Y: Application of subpart, or

"When auctions are covered by this part of the law"

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36ZA: Start and end of auction, or

"When an auction starts and finishes"

Part 4AConsumer transactions and auctions
Auctions

36ZEach lot is separate contract of sale

  1. If property is offered for sale by auction in lots,—

  2. the offer of each lot is a separate auction; and
    1. each lot sold is subject to a separate contract of sale.

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      Notes
      • Section 36Z: inserted, on , by section 23 of the Fair Trading Amendment Act 2013 (2013 No 143).