licitation

noun

lic·​i·​ta·​tion

ˌli-sə-ˈtā-shən

: the act of offering for sale or bidding at an auction

specifically, in the civil law of Louisiana : a mode of partitioning property held in common by sale at auction

Word History

Etymology

Latin licitatio, from licitari to bid a price, from licere to be for sale