Legal Definition of Bid And Asked

Often referred to as a quotation or quote. The bid is the highest price anyone wants to pay for a security at a given time, the asked is the lowest price anyone will take at the same time. (See: Quote)

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Bid And Asked in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Bid And Asked in Historical Law in the Encyclopedia of Law.

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What does Bid And Asked mean in American Law?

The definition of Bid And Asked in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:

In the securities industry the format of price quotations in over-the-counter market. The “bid” quotation is the highest price any prospective buyer has offered to pay. The “asked” is the lowest price a potential seller has offered to accept. This is used instead of the last-salesprice used for stock exchange transactions, because in slowly trading or thin markets the last actual sale price may be too out of date for current use.

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