This term is commonly used in auctions. An auction “without reserve” means that there is no minimum price set for the items being auctioned, and the item will be sold regardless of how low the bid is. There’s no threshold that must be met, and the seller must accept the highest bid, no matter how minimal it might be. This is also known as an absolute auction.

Each of these terms serves a specific purpose in their respective fields, providing guidelines on the liabilities and expectations involved in transactions, whether they’re related to shipping, legal documents, financial instruments, or auction sales.