Final answer:
Craig can only withdraw his property from a 'without reserve' auction if there are no bids. Once a bid is placed, he is legally bound to sell the property to the highest bidder.
Step-by-step explanation:
When Craig decides to sell his Double-D Ranch in an auction 'without reserve,' it means that he is committing to sell to the highest bidder, and the property cannot be withdrawn once a bid has been placed. Thus, option (b) 'At any time before the highest bid is accepted' is incorrect because the auction without reserve means he's forgoing the right to withdraw the item once bidding has commenced. The correct answer is (a) Only if there are no bids, because once a bid has been made in a no-reserve auction, the seller is legally bound to proceed with the sale to the highest bidder. Option (c), 'Only if he compensates the highest bidder' isn't accurate either, unless it has been specified in terms prior to the auction. Option (d), 'After the auctioneer declares the property sold' would be too late, as the sale is finalized once the auctioneer makes this declaration.