At an auction for the first time, Ducana bid on a 100-year-old Edison brand phonograph, believing that it was worth more than the price asked. When the item proved to be less valuable, What is Ducana liable for?
1) Liable on the bid
2) Not liable on the bid because she overestimated on the value of the auction item
3) Not liable on the bid because the auctioneer overstated the value of the item
4) Not liable on the bid because this was her first auction