True or False: An auction's terms must be clear and accessible to all bidders before the auction starts.

The statement is true because it is essential for the integrity and transparency of the auction process that all terms are clearly outlined and accessible to bidders prior to the auction beginning. This practice ensures that all participants have a fair understanding of the rules, conditions, and expectations associated with the auction. Clarity in the terms helps to prevent misunderstandings or disputes that could arise during or after the auction.

Providing clear and accessible terms promotes a level playing field, allowing bidders to make informed decisions and engage confidently. Such transparency is crucial for maintaining trust in the auction process and can also help in adhering to legal and ethical standards within the industry.

In any auction format, whether live or online, the obligation to present concise and understandable terms remains consistent. If terms are ambiguous or not communicated in advance, it could lead to a lack of bidder confidence and potentially harm the auctioneer's reputation. Therefore, ensuring that all bidders are well-informed before the auction commences is a fundamental aspect of the auction process.