Legal Definition and Related Resources of Purchase

In general sense, the term denotes the act of acquiring anything sold. To buy. In relation to realty , the term means acquisition of land in any lawful manner other than by descent or the mere act of law, and includes acquisition by conveyance , gift or devise . The term words of purchase means words by which, taken absolutely without reference to or connection with any other words, an estate first attaches or is considered as commencing in point of title in the person described by them. In Shelly’s Case (1551) it was decided that when the ancestor by any gift or conveyance took an estate of freehold , and in the same gift or conveyance an estate was limited either mediately or immediately to his heirs in fee or in tail, in such case the heirs were words of limitation of the estate and not words of purchase. This rule was abolished in England by the Law of property Act of 1925. See Shelly’s Case, rule in. §1-201(32) of U.C.C. contains the following definition: Purchase includes taking by sale, discount , negotiation, mortgage , pledge , lien, issue or re-issue, gift or any other voluntary transaction creating an interest in property.

In the broadest sense, the transmission of property from one person to another by their voluntary agreement on a valuable consideration. 4 Kent, Comm. 509. In a stricter sense, a term including every mode of acquisition of estate known to the law, except that by which an heir on the death of his ancestor becomes substituted in his place as owner by operation of law. 2 Washb. Real Prop. 401. There are six ways of acquiring a title by purchase, namely: By deed; by devise; by execution; by prescription; by possession or occupancy; by escheat. In its more limited sense, purchase is applied only to such acquisitions of lands as are obtained by way of bargain and sale for money or some other valuable consideration. Cruise, Dig. tit. 30, §§ 1-4; 1 Dall. (Pa.) 20. In common parlance, purchase signifies the buying of real estate and of goods and chattels.

To buy, to be long, to have an ownership position.

verb

• acquire
• acquire ownership of
• assume ownership
• buy
• buy up
• collect
• gain
• invest in
• make payment for
• obtain
• order
• pay for
• pick up
• procure
• procure title to
• redeem
• secure
• secure for a consideration Associated Concepts: words of purchase
• Semper necessitas probandi incumbit ei qui agit
• The claimant is always bound to prove; the burden of proof lies on the actor
• Ei incumbit probatio
• qui dicit
• non quinegat; cum per rerum naturam factum negantis probatio nulla sit
• The burden of proof lies upon him who asserts it
• not upon him who denies; since
• by the nature of things
• he who denies a fact cannot produce any proof of it

Browse or run a search for Purchase in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Purchase in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Purchase in Historical Law in the Encyclopedia of Law.

Search for legal acronyms and/or abbreviations containing Purchase in the Legal Abbreviations and Acronyms Dictionary.

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Mentioned in these terms

Bank Credit, Bargain And Sale, Boycott, , Cash Discount, Closing Costs, Conditional Sale, Consignment, Deposit, Descent, Ending Balance Method, Equitable Conversion, Equitable Lien, Expropriation, F.o.b., Factoring, Hedging, Heirs Of The Body, Imperfect Mortgage, Innocent Purchaser, Margin Account, Market, Merchant, Option, Pre-emptive, Purchaser, Rescission, Rule In Shelley’s Case, Shoplifting, Short Swing Profits, Simony, Special Interest, Specific Performance, Stockbroker, Territories, Travellers Check.

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This definition of Purchase is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.

Vocabularies (Semantic Web Information)

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Hierarchical Display of Purchase

Trade > Marketing > Commercial transaction
Finance > Prices > Market prices > Purchase price
Trade > Distributive trades > Distributive trades > Wholesale trade > Buying group

Meaning of Purchase

Overview and more information about Purchase

For a more comprehensive understanding of Purchase, see in the general part of the online platform.[rtbs name=”xxx-xxx”]

Resources

Translation of Purchase

• Spanish: Compra
• French: Achat
• German: Kauf
• Italian: Acquisto
• Portuguese: Compra
• Polish: Kupno

Thesaurus of Purchase

Trade > Marketing > Commercial transaction > Purchase
Finance > Prices > Market prices > Purchase price > Purchase
Trade > Distributive trades > Distributive trades > Wholesale trade > Buying group > Purchase

See also

• Purchase price
• Buying group

• Credit purchase
• Free credit
• Trade credit