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Related to purchase: Purchase accounting


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.


verb acquire, acquire ownership of, assume ownership, buy, buy up, collect, gain, invest in, make payment for, obtain, order, pay for, pick up, procure, prooure title to, redeem, secure, secure for a consideration
Associated concepts: words of purchase
See also: acquire, buy, commerce, deal, leverage, procure, secure, takeover, trade, transaction

PURCHASE. In its most enlarged and technical sense, purchase signifies the lawful acquisition of real estate by any means whatever, except descent. It is thus defined by Littleton, section 12. "Purchase is called the possession of lands or tenements that a man hath by his own deed or agreement, unto which possession he cometh, not by title of descent from any of his ancestors or cousins, but by his own deed."
     2. It follows, therefore, that not only when a man acquires an estate by buying it for a good or valuable consideration, but also when it is given or devised to him be acquires it by purchase. 2 Bl. Com. 241.
     3. There are six ways of acquiring a title by purchase, namely, 1. By, deed. 2. By devise. 3. By execution. 4. By prescription. 5. By possession, or occupancy. 6. 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. Id. Cruise, Dig. tit. 30, s. 1, to 4; 1 Dall. R. 20. In common parlance, purchase signifies the buying of real estate and of goods and chattels.

References in periodicals archive ?
In these cases, the purchase price is a percentage, paid over a period of years, of revenue from retained clients.
This means that the customer can take advantage of the requisitioning and purchase order development capabilities from the Epylon system while realizing all of the discounts available through PEPPM's co-op structure.
The GAO recommended to Congress that the Air Force reduce the number of cards; minimize purchase limits; establish training courses for cardholders and officials who approve purchases; and hold cardholders and approving officials accountable for misuse of cards.
Governments abiding by GPA may not require the purchase of paper with 30 percent post-consumer content, because the presence of recycled paper has no significant impact on whether the paper will feed though a copier or laser printer.
Fortunately, the final regulations contain an "active business" exception to this purchase treatment.
Purchase for $385,000 for a three story, mixed-use, walkup w/2 apts and 1 comm'l unit, located in Brooklyn, NY.
Documents filed at the time of a firearm purchase provide beneficial information.
A recent survey of 1,314 senior financial executives by Phoenix-Hecht, a bank consulting firm, disclosed that 13% of the respondent used purchase cards and another 33% planned to within two years.
It will include only an identification of the purchaser, identification of the seller, and the total purchase price, including any tax that was charged.
The HMDA data show that the 1992 rates of loan approval rose and rates of denial fell from those of the previous year for black and for white applicants for government-backed and for conventional home purchase loans.
In thinking about traditional purchase and sales contracts, the first two points apply, virtually universally.
The assurance derived from the agreement is meaningless, however, if funds for the purchase are not available.