Booking on the Internet
Most people, including myself don't read the fare rules, restrictions, etc. while browsing the travel websites. I have gotten better to check before I book. The website sets up the hold period when you put tickets on hold, however the fare guarantee only allows a hold for 24 hours. This means the price you put on hold is only guaranteed for 24 hours but you are guaranteed you can purchase a ticket on that flight for the longer hold time but possibly at a higher price.
As to cancelling your reservations, airlines don't allow you to book multiple flights with the same names on the same itinerary. You are tying up their inventory that they could be selling to others and they know you can't be in two places at the same time. The airlines' computers will cancel all or all but one of the reservations. Also don't use different names to hold the tickets because they will have to be purchased as such and airlines don't allow name changes.
No one has a guaranteed assigned seat on an airplane until that plane takes off and you are seated in that seat.
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