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Dispute Resolution Keyed to Stone, 4th Ed.
Aguillard v. Auction Management Corp.
Citation:
908 So. 2d 1 (2005)Facts
On March 25, 2003, plaintiff Dave Aguillard attended a public auction of real estate property in Sulphur, Louisiana, conducted by Gilmore Auction and Realty Company and Auction Management Corporation as agents for Bank of New York. Prior to the auction, Aguillard obtained a sales brochure describing the properties and auction rules. During registration approximately one-half hour before the auction, Aguillard received and signed the Auction Terms and Conditions document, which was printed in nine-point font and contained an arbitration clause under a section entitled “ANNOUNCEMENTS.” By signing, Aguillard acknowledged he had read and understood the terms and agreed to be bound by them. Aguillard submitted the highest bid of forty-two thousand nine hundred dollars, signed an Auction Real Estate Sales Agreement, and submitted a check for four thousand two hundred ninety dollars representing ten percent of the sales price. The seller subsequently rejected Aguillard’s bid and refused to close the sale, arguing the auction was not absolute and any offer was subject to seller confirmation. The seller countered with an offer of fifty-three thousand dollars, which Aguillard rejected. Aguillard then filed suit to enforce the sales agreement, and defendants moved to stay proceedings pending arbitration based on the arbitration clause in the Auction Terms and Conditions.
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