Product exchange system
First Claim
1. A system for facilitating a transaction over a network between one of a plurality of buyers and one of a plurality of sellers, said system comprising:
- a storage unit;
a processor connected to said storage unit;
said storage unit configured to store a program for controlling said processor, said processor operative under control of said program to;
receive from a buyer, over the network, a binding offer to buy a selected product at an offered purchase price;
receive from the buyer, over the network, information identifying at least one geographical region selected by the buyer in which the binding offer to buy is effective;
receive from at least one of the plurality of sellers, over the network, at least one offer to sell the selected product at a location within the at least one geographical region, wherein each offer to sell is at an offered sales price;
determine whether a purchase transaction of the selected product is to be consummated based on the received binding offer to buy at the offered purchase price within the at least one geographical region selected by the buyer and based on receipt of at least one offer to sell the selected product at a location that is within the at least one geographical region selected by the buyer at an offered sales price that meets the offered purchase price; and
facilitate consummation of the purchase transaction.
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0 Petitions
Accused Products
Abstract
An exchange system for facilitating the purchase of products is described. The system is coupled, in one embodiment, to a communications link. Potential product purchasers and sellers may access the exchange system via the network, and submit offers and/or pricing requests to such system. In response to the requests, the system processor retrieves the stored data from the respective databases, and causes such data to be transmitted to the local site for display. The exchange systems also executes certain functions in response to commands and data transmitted from buyer sites, seller sites and institution sites.
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Citations
14 Claims
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1. A system for facilitating a transaction over a network between one of a plurality of buyers and one of a plurality of sellers, said system comprising:
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a storage unit; a processor connected to said storage unit; said storage unit configured to store a program for controlling said processor, said processor operative under control of said program to; receive from a buyer, over the network, a binding offer to buy a selected product at an offered purchase price; receive from the buyer, over the network, information identifying at least one geographical region selected by the buyer in which the binding offer to buy is effective; receive from at least one of the plurality of sellers, over the network, at least one offer to sell the selected product at a location within the at least one geographical region, wherein each offer to sell is at an offered sales price; determine whether a purchase transaction of the selected product is to be consummated based on the received binding offer to buy at the offered purchase price within the at least one geographical region selected by the buyer and based on receipt of at least one offer to sell the selected product at a location that is within the at least one geographical region selected by the buyer at an offered sales price that meets the offered purchase price; and facilitate consummation of the purchase transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A computer-implemented method to facilitate a transaction over a network between at least one buyer and at least one of a plurality of sellers, said method comprising:
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storing in a computer database a plurality of offers to sell one or more products from a plurality of sellers, the offers to sell including respective offered sale prices and respective indications of at least one of a location, locations, geographical region, or geographical regions in which the respective offers to sell are applicable; making the offers to sell available, over the network, to the buyer; receiving from the buyer, over the network, a binding offer to buy a selected product at an offered purchase price and information identifying at least one geographical region selected by the buyer in which the binding offer to buy is effective; determining whether a purchase transaction of the selected product is to be consummated based on the received binding offer to buy at the offered purchase price within the at least one geographical region selected by the buyer and based on receipt of at least one offer to sell the selected product at a location or geographical region that is within the geographical region selected by the buyer at an offered sales price that meets the offered purchase price; and facilitating consummation of the purchase transaction. - View Dependent Claims (12, 13, 14)
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Specification