Final answer:
Before the perfection of an auction sale, the buyer typically holds the right to have the item transferred to them after winning it. However, agreeing on a price can be difficult if there is imperfect information, leading to uncertainty about the item's value and potential mistrust.
Step-by-step explanation:
The rights in an auction sale before the perfection of the sale typically involve the right of the buyer to have the item or property transferred to them after they have submitted the highest bid and the sale has been confirmed. However, the perfection of the sale, which is the completion of all the necessary legal formalities, must occur before the buyer can claim full ownership. If the information about the item is imperfect, that is, if there is imperfect information, it can be difficult for a buyer and seller to agree on a price because the value of the item may be uncertain, leading to disagreements on its worth. This lack of perfect information can cause mistrust or miscommunication between the parties, making the process more challenging