True. In Spencer v Harding (1870), the court held that unless the advertisement specifies the acceptance of the highest tender, there is no obligation to sell to the highest bidder. In other words, the mere act of submitting the highest bid does not necessarily create a binding contract unless the terms of the advertisement or auction explicitly state that the highest bid will be accepted. This case emphasized the importance of clear and specific terms in auction or tender advertisements to create a legally binding contract.
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