No, the seller can indicate that they do not even want to see or hear about bids under a certain amount. I am working with a bank right now that has this policy, the asset manager will not waste their time even responding to a ridiculous offer.
And I have had sellers say that do not want to be contacted with very low offers because they do not want to get upset and offended.
Some agents will not even write the ridiculously low offer. There is an agent in my area that has a client that makes stupid low offers and she keeps writing them.
But there are no shortage of tales where a ridiculous offer was accepted, so I guess it happens or people just like the stories.