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English definition of “auction of promises”

auction of promises

noun [C]    
an occasion when people bid (= offer money and compete against other people) for something that someone has offered to do, for example cook a meal, wash a car, etc. It is usually done in order to get money for a charity.Shops, markets and auctionsRestaurants and cafesBuildings in general
(Definition of auction of promises noun from the Cambridge Advanced Learner's Dictionary & Thesaurus © Cambridge University Press)
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