Section 59-8-2 - Memorandum binding both parties

59-8-2. Memorandum binding both parties.An auctioneer has authority from a bidder at the auction as well as from the seller to bind both by a memorandum wherever a written memorandum is required, by any statute or by usage, to make a valid contract of sale and such memorandum must be in the form and content prescribed. Source: CivC 1877, §1386; CL 1887, §4009; RCivC 1903, §1705; RC 1919, §1287; SDC 1939, §3.0502.