legal definition of purchase - Search
 
  1. Dictionary

    pur·chase
    [ˈpərCHəs]
    verb
    purchase (verb) · purchases (third person present) · purchased (past tense) · purchased (past participle) · purchasing (present participle)
    1. acquire (something) by paying for it; buy:
      "Mr. Gill spotted the manuscript at a local auction and purchased it for $1,500"
      • archaic
        obtain or achieve with effort or suffering:
        "the victory was purchased by the death of Rhiwallon"
    2. nautical
      haul in (a rope or cable) or haul up (an anchor) by means of a pulley, lever, etc..
    noun
    purchase (noun) · purchases (plural noun)
    1. the action of buying something:
      "the large number of videos currently available for purchase" · "we carefully make our purchases after consulting each other"
      • a thing that has been bought:
        "she stowed her purchases in the car"
      • law
        the acquisition of property by means other than inheritance.
      • archaic
        the annual rent or return from land:
        "a lease valued at seven year's purchase"
    2. a hold or position on something for applying power advantageously, or the advantage gained by such application:
      "the horse's hooves fought for purchase on the slippery pavement" · "an attempt to gain a purchase on the soft earth"
      • a block and tackle.
    Origin
    Middle English: from Old French pourchacier ‘seek to obtain or bring about’, the earliest sense also in English, which soon gave rise to the senses ‘gain’ (hence, in nautical use, the notion of ‘gaining’ one portion of rope after another) and ‘buy’.
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    Similar and Opposite Words
    noun
    1. a hold or position on something for applying power advantageously, or the advantage gained by such application:
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    2. People also ask
      What is the meaning of purchase?To buy; the transfer of property from one person to another by an agreement. Under the Uniform Commercial Code (UCC), taking by sale, discount, negotiation, mortgage, pledge, lien, issue, reissue, gift, or any voluntary transaction. West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved. PURCHASE.
      legal-dictionary.thefreedictionary.com
      What does buy mean in law?To buy; the transfer of property from one person to another by an agreement. Under the Uniform Commercial Code (UCC), taking by sale, discount, negotiation, mortgage, pledge, lien, issue, reissue, gift, or any voluntary transaction. West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved. PURCHASE.
      What does a purchase & sale mean?Second, in the definitions of “purchase” and “sale,” the words “an agreed” were inserted before “exchange for something of value” to clarify that the transaction must be intentional. Such transactions include indirect exchanges of something of value.
      What is the difference between a purchase order and purchase agreement?Purchase orders and purchase agreements are both legal documents used in the purchase of goods. A purchase agreement is also used in real estate transactions. The document used to purchase services is more often called a contract or service agreement.
       
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