 Moral Obligation
If the item sells, he is morally obligated to sell you the item. There are ways that he does not have to sell his item for less than what he thinks it is worth. That's what reserve prices are for, to protect the seller. The only problem with reserve prices is that it discourages the buyers from bidding. My auctions are always No Reserve. I basically take the risk that my item will sell for what I think it is worth. But then again, any item is only worth what someone else is willing to pay for it. That is why Ebay is so awesome. Whenever an auction ends, whatever price that item sold for is what it is worth.
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