US7765141B1
Expired / Lapsed
US
⏱️ 0.0 years remaining
Online auction system facilitating flexible terms commodity trading
Assignee: Individual
•
Filing: 2001-05-30
•
Granted: 2010-07-27
•
Expires: 2021-05-30
Abstract
Abstract The buying and selling of commodities online in a disciplined manner can be initiated by either a prospective buyer or prospective seller in a variety of auction types each of which supports the negotiation of various terms including payment, delivery, quantity and quality. The initiating party registers as either buyer or seller with a central authority and provides requisite information including commodity specification, which may be qualitative as well as quantitative, and desired delivery terms, which may be specified using formats for several basic options. The type of auction is also specified using an option format beginning with a selection from a plurality of basic types determined by direction of price movement, whether the initiating party is a buyer or seller, and related duration constraints. Sale is determined by acceptance of a bid or offer setting an agreed upon price, quantity, delivery and payment terms. Commodity quality may additionally be negotiated and verification offered by provision of a sample either directly between parties or through the central trusted authority and/or an independent laboratory.
Inventors
- 👤 Tommaso Innocenti
Bibliographic Details
Application Number
—
Jurisdiction
US
Data Source
google_patents
Last Synchronized
2026-11-09 01:25
CPC Classifications
G; G06; G06Q; G06Q40/00; G06Q40/04; G06Q30/00; G06Q30/06; G06Q30/0601; G06Q30/0633; G06Q30/08
Claims Analysis
Total Claims: 38
Claim 1
Independent Claim
405 words
A method enabling flexible terms commodities trading by auction comprising the steps of: providing, upon a web site accessible upon the world wide web, a proposal format in which the type of auction can be specified in addition to the particular commodity, weight, price, and specific commodity category dependent quality characteristics desired by a prospective buyer in completion of a submission for initiating an open bid; providing the option of provision of a model of a particular commodity desired for purposes of indicating the quality desired by a prospective buyer; providing, upon a web site accessible upon the world wide web, a proposal format in which the type of auction can be specified in addition to the particular commodity, weight, price, and specific commodity category dependent quality characteristics offered by a prospective seller in completion of a submission for initiating an open offer; providing the option of provision of a sample of a particular commodity offered for purposes of indicating the quality offered by a prospective seller; conducting a commodities auction by: posting upon said web site a listing for a specified lot of a particular commodity in accordance with a completed proposal submission detailing a plurality of terms including weight, price, quality characteristics, delivery and payment comprising an open offer of said specified lot when initiated by a prospective seller and comprising an open bid of said specified lot when initiated by a prospective buyer; scheduling said auction of said specified lot by posting a plurality of schedule dates including but not restricted to commencement and conclusion dates between which responses to said listing will be received; posting upon said web site, in association with said listing, counter bids received in response to an open offer and counter offers received in response to an open bid which vary in any of the terms included in said plurality of terms detailed in said listing; posting upon said web site, in association with said listing, any offer indications by said prospective seller in response to posted counter bids and any bid indications by said prospective buyer in response to posted counter offers signifying a modification of at least one term in said listing; indicating upon said web site, in association with said listing, sale of said lot with the matching in all said terms inclusive of delivery and payment between any offer and any bid both concerned with said specified lot in accordance with said terms.
Claim 2
Independent Claim
405 words
A method enabling flexible terms commodities trading by auction comprising the steps of: providing, upon a web site accessible upon the world wide web, a proposal format in which the type of auction can be specified in addition to the particular commodity, weight, price, and specific commodity category dependent quality characteristics desired by a prospective buyer in completion of a submission for initiating an open bid; providing the option of provision of a model of a particular commodity desired for purposes of indicating the quality desired by a prospective buyer; providing, upon a web site accessible upon the world wide web, a proposal format in which the type of auction can be specified in addition to the particular commodity, weight, price, and specific commodity category dependent quality characteristics offered by a prospective seller in completion of a submission for initiating an open offer; providing the option of provision of a sample of a particular commodity offered for purposes of indicating the quality offered by a prospective seller; conducting a commodities auction by: posting upon said web site a listing for a specified lot of a particular commodity in accordance with a completed proposal submission detailing a plurality of terms including weight, price, quality characteristics, delivery and payment comprising an open offer of said specified lot when initiated by a prospective seller and comprising an open bid of said specified lot when initiated by a prospective buyer; scheduling said auction of said specified lot by posting a plurality of schedule dates including but not restricted to commencement and conclusion dates between which responses to said listing will be received; posting upon said web site, in association with said listing, counter bids received in response to an open offer and counter offers received in response to an open bid which vary in any of the terms included in said plurality of terms detailed in said listing; posting upon said web site, in association with said listing, any offer indications by said prospective seller in response to posted counter bids and any bid indications by said prospective buyer in response to posted counter offers signifying a modification of at least one term in said listing; indicating upon said web site, in association with said listing, sale of said lot with the matching in all said terms inclusive of delivery and payment between any offer and any bid both concerned with said specified lot in accordance with said terms.
Claim 3
Dependent Claim
44 words
The business method of claim 1 further including the step of deposting, upon said web site, said listing following sale of said lot with indication of the matching in all said terms between any offer and any bid both concerned with said specified lot.
Claim 4
Dependent Claim
70 words
The business method of claim 1 wherein said web site providing said proposal format in which the type of auction can be specified by a prospective buyer in completion of a submission for initiating an open bid is different than said web site providing said proposal format in which the type of auction can be specified by a prospective seller in completion of a submission for initiating an open offer.
Claim 5
Dependent Claim
71 words
The business method of claim 1 wherein said web site providing said proposal format in which the type of auction can be specified by a prospective buyer in completion of a submission for initiating an open bid is the same as said web site providing said proposal format in which the type of auction can be specified by a prospective seller in completion of a submission for initiating an open offer.
Claim 6
Dependent Claim
28 words
The business method of claim 1 further including the step of providing notification to subscribers of listings identified by commodity category as being of interest to said subscribers.
Claim 7
Dependent Claim
17 words
The business method of claim 5 wherein said notification is provided by electronic means inclusive of e-mail.
Claim 8
Dependent Claim
55 words
The business method of claim 1 wherein said web site providing said proposal format in which the type of auction can be specified by a prospective buyer in completion of a submission for initiating an open bid provides registration access means for registration of said prospective buyer with an auction house maintaining said web site.
Claim 9
Dependent Claim
25 words
The business method of claim 7 wherein registration of said prospective buyer requires payment of a fee to said auction house by said prospective buyer.
Claim 10
Dependent Claim
55 words
The business method of claim 1 wherein said web site providing said proposal format in which the type of auction can be specified by a prospective seller in completion of a submission for initiating an open offer provides registration access means for registration of said prospective seller with an auction house maintaining said web site.
Claim 11
Dependent Claim
25 words
The business method of claim 9 wherein registration of said prospective seller requires payment of a fee to said auction house by said prospective seller.
Claim 12
Dependent Claim
52 words
The business method of claim 1 wherein said web site providing said proposal format in which the type of auction can be specified by a prospective buyer in completion of a submission for initiating an open bid provides directory access means for accessing a directory comprised of a plurality of commodity categories.
Claim 13
Dependent Claim
35 words
The business method of claim 11 wherein an auction house maintaining said web site provides listings pertaining to a particular commodity category chosen from said plurality of commodity categories to said prospective buyer by subscription.
Claim 14
Dependent Claim
25 words
The business method of claim 11 wherein said subscription requires payment of a fee by said prospective buyer to an auction house providing said listings.
Claim 15
Dependent Claim
54 words
The business method of claim 1 wherein said prospective seller, in specification of the type of auction, is presented with a choice to select upward, open, unconstrained bidding wherein said listing specifies an initial minimum price and bidding within the time between said commencement and conclusion dates is otherwise unconstrained with regard to price.
Claim 16
Dependent Claim
65 words
The business method of claim 1 wherein said prospective seller, in specification of the type of auction, is presented with a choice to select upward, incremental, unconstrained bidding wherein said listing specifies an initial minimum price and bidding within the time between said commencement and conclusion dates is otherwise only constrained with regard to price by the progressive increase of the same in predetermined increments.
Claim 17
Dependent Claim
21 words
The business method of claim 15 wherein said predetermined increments constraining said progressive increase of price are a function of time.
Claim 18
Dependent Claim
25 words
The business method of claim 15 wherein said predetermined increments constraining said progressive increase of price are a function of the number or responses received.
Claim 19
Dependent Claim
76 words
The business method of claim 1 wherein said prospective seller, in specification of the type of auction, is presented with a choice to select downward, incremental, constrained bidding wherein said listing specifies an initial maximum price and bidding within the time between said commencement and conclusion dates is constrained with regard to price by the progressive decrease of the same in predetermined increments and by a predetermined minimum price which is not posted in said listing.
Claim 20
Dependent Claim
21 words
The business method of claim 18 wherein said predetermined increments constraining said progressive decrease of price are a function of time.
Claim 21
Dependent Claim
54 words
The business method of claim 1 wherein said prospective buyer, in specification of the type of auction, is presented with a choice to select downward, open, unconstrained offering wherein said listing specifies an initial maximum price and offering within the time between said commencement and conclusion dates is otherwise unconstrained with regard to price.
Claim 22
Dependent Claim
64 words
The business method of claim 1 wherein said prospective buyer, in specification of the type of auction, is presented with a choice to select downward, incremental, unconstrained offering wherein said listing specifies an initial maximum price and offering within the time between said commencement and conclusion dates is otherwise unconstrained with regard to price by the progressive decrease of the same in predetermined increments.
Claim 23
Dependent Claim
21 words
The business method of claim 21 wherein said predetermined increments constraining said progressive decrease of price are a function of time.
Claim 24
Dependent Claim
25 words
The business method of claim 21 wherein said predetermined increments constraining said progressive decreas of price are a function of the number of responses received.
Claim 25
Dependent Claim
76 words
The business method of claim 1 wherein said prospective buyer, in specification of the type of auction, is presented with a choice to select upward, incremental, constrained bidding wherein said listing specifies an initial minimum price and offering within the time between said commencement and conclusion dates is constrained with regard to price by the progressive increase of the same in predetermined increments and by a predetermined maximum price which is not pOsted in said listing.
Claim 26
Dependent Claim
21 words
The business method of claim 24 wherein said predetermined increments constraining said progressive increase of price are a function of time.
Claim 27
Dependent Claim
23 words
The business method of claim 1 wherein said model of a particular commodity is provided by said prospective buyer directly to prospective sellers.
Claim 28
Dependent Claim
27 words
The business method of claim 1 wherein said model of a particular commodity is provided by said prospective buyer to an auction house maintaining said web site.
Claim 29
Dependent Claim
41 words
The business method of claim 27 wherein said model of a particular commodity provided by said prospective buyer to said auction house is tested by a laboratory and testing results are posted on said web site in association with said listing.
Claim 30
Dependent Claim
31 words
The business method of claim 27 wherein said model of a particular commodity provided by said prospective buyer to said auction house is provided to prospective sellers by said auction house.
Claim 31
Dependent Claim
52 words
The business method of claim 29 wherein said model of a particular commodity provided by said prospective buyer to said auction house is divided proportionally by said auction house in accordance with a number of prospective sellers each of whom is provided with a proportion of said model by said auction house.
Claim 32
Dependent Claim
58 words
The business method of claim 29 wherein said model of a particular commodity provided by said prospective buyer to said auction house is comprised of a discrete number of pieces each esteemed by said auction house to possess substantially equivalent quality and prospective sellers are each provided with one said piece of said model by said auction house.
Claim 33
Dependent Claim
23 words
The business method of claim 1 wherein said sample of a particular commodity is provided by said prospective seller directly to prospective buyers.
Claim 34
Dependent Claim
27 words
The business method of claim 1 wherein said sample of a particular commodity is provided by said prospective seller to an auction house maintaining said web site.
Claim 35
Dependent Claim
41 words
The business method of claim 33 wherein said sample of a particular commodity provided by said prospective seller to said auction house is tested by a laboratory and testing results are posted on said web site in association with said listing.
Claim 36
Dependent Claim
31 words
The business method of claim 33 wherein said sample of a particular commodity provided by said prospective seller to said auction house is provided to prospective buyers by said auction house.
Claim 37
Dependent Claim
52 words
The business method of claim 35 wherein said sample of a particular commodity provided by said prospective seller to said auction house is divided proportionally by said auction house in accordance with a number of prospective buyers each of whom is provided with a proportion of said sample by said auction house.
Claim 38
Dependent Claim
58 words
The business method of claim 35 wherein said sample of a particular commodity provided by said prospective seller to said auction house is comprised of a discrete number of pieces each esteemed by said auction house to possess substantially equivalent quality and prospective buyers are each provided with one said piece of said sample by said auction house.
References Cited (Backward Citations)
US4260262A
Cited
US6285989B1
Cited
US6327569B1
Cited
US6332135B1
Cited
US20020004787A1
Cited
US20010032161A1
Cited
US20020120555A1
Cited
US20020069156A1
Cited
US20020082982A1
Cited
USPTO Annuity & Maintenance Windows
| Annuity Stage | Window Opens | Payment Deadline | Surcharge Period Until | Estimated Fee | Status |
|---|---|---|---|---|---|
| 3.5 Years (Year 4) | 2013-07-26 | 2014-01-25 | 2014-07-27 | $2000.00 | Window Closed / Lapsed |
| 7.5 Years (Year 8) | 2017-07-26 | 2018-01-25 | 2018-07-27 | $3760.00 | Window Closed / Lapsed |
| 11.5 Years (Year 12) | 2021-07-26 | 2022-01-25 | 2022-07-27 | $7700.00 | Window Closed / Lapsed |