Fanny Farmer held an annual auction at her farm to sell tools, animals, and leftover crops. At the auction there was no indication given whether the auction was with or without reserve. Bob bid $$50$ for a plow at the auction, and no one bid against him. The auctioneer did not accept Bobs bid and stated that the plow would not be sold for such a low price. What is the legal effect of these actions? 

 

Fanny made an offer to sell the plow by putting it up for auction.

The plow could not be withdrawn from the auction.

Two bids must be made before an auction is deemed to be without reserve.

Bobs bid constituted an acceptance which formed a valid contract.

Bobs bid was only an offer.