What term describes the selling of property by competitive bid or public outcry?

The term that describes the selling of property by competitive bid or public outcry is "auction." In an auction, items or properties are presented for sale, and potential buyers place competitive bids in an open format. This dynamic process encourages participants to bid higher to win the item, creating a transparent environment where the item goes to the highest bidder. The concept of public outcry is particularly synonymous with traditional auctions, where an auctioneer calls out bids and engages the audience in real time.

The other terms, while related to transactions in a broader sense, do not precisely capture the competitive nature of this selling process. A sale refers generally to the transfer of ownership of goods or property in exchange for a price but does not necessitate the bidding element. Tender typically denotes a formal offer to carry out work or supply goods at a specified price, focusing more on proposals and less on competitive bids. Lastly, an offer is a proposal to enter a contract, which may not involve the bidding process at all. This distinction highlights why "auction" is the most appropriate term in this context.