Glenn, as someone who managed to pass Contract Law last year, I think there is a strong argument that listing the item (and allowing the auction to end) with no reserve is enough for intent to sell, and the bid is enough for intent to buy.j
From eBay: When a seller lists an item on eBay, and a buyer bids for and wins that item, the seller and buyer have entered into a contract. Both members are expected to honor that contract.
