A word close to "in favor of" is "prefer"

well mainly It depends of Case you will use it but now I will Explain you Easy way to get it Great question. Yes you are right. "in favor of" is a legal term meaning "to the advantage of" It would be to the advantage of the next highest bidder if the winner declines. In the example, a winning bid is a CONTRACT. The winner would be breaking the contract to say "I don't want it". The seller might lose money if he had to sell to the lower bidder.

If you are in favor of something, that means that you approve of something, somtimes when that "something" is part of a choice of two or more possibilities. You will hear "all those in favor of the proposal raise your hand" at a meeting. It means that all those people who approve of the proposal should raise their hands. "Where do you want to go - the beach or the movies?" "I'm in favor of going to the movies. It looks like it might rain, so the beach is not so good."

in favor of = support the idea It is used in voting. Someone makes a suggestion. If you are in favor of the suggestion, you say YES. If you are against the suggestion, you say NO. in favour of/against = opposites