You may disagree all you like, but I am correct! Money does not have to have to be exchanged for a contract to be formed.
You have a contract in an auction when the autioner accepts your bid, but no money has benn exchanged at that point.
Good luck in trying to prove a reserve and collect order creates a valid sales contract. Contract law is complicated however in this case, it isn't
Auction is totally different because you intend to create a legal contract by bidding and agreeing a price so therefore agreeing the consideration. When you actually pay that consideration is generally irrelevant for contract law
AS you say I am sure you are correct......
