Which document outlines the obligations and expectations between a buyer and seller in an auction?

The document that outlines the obligations and expectations between a buyer and seller in an auction is a contract. In the context of auctions, a contract serves as a legal agreement that details the terms of the transaction including the obligations of both parties, the sale price, payment methods, and conditions of the auction. This ensures that both the buyer and seller have a clear understanding of their responsibilities during the auction process.

Contracts are essential in establishing a binding agreement, which protects the interests of both parties by clearly defining the terms agreed upon. This helps prevent disputes by ensuring that everyone understands their rights and obligations prior to the auction and during the transaction.

Other options, while related to the auction process, do not serve the same comprehensive purpose. For instance, a sales agreement usually pertains to the final agreement after a sale has occurred, focusing on the terms of the sale but not specifically outlining the auction process itself. A listing agreement typically involves the relationship between the seller and the auctioneer, while bidder registration is concerned with capturing the information of individuals wishing to place bids rather than detailing the obligations between buyers and sellers.