Purchase

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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. 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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
Overall, respondents purchased prepared food at a c-store 4.3 times in the past month.
Services: Is the staff trained on the software that was purchased? If not, professional services will be needed when additional storage is added to the solution.
The value of the purchased intangible must be allocated between goodwill and the intangible assets other than goodwill.
Despite years of advocacy from the campus Environmental Alliance, the majority of paper purchased by the university contains zero recycled content.
In 2000, Sprint purchased $454 million in goods and services from minority and women owned suppliers, a 39% increase over 1999 spend.
In the PEAK experiment, an article once purchased by a library became available for subsequent users at that library.
Suspect guns, firearms purchased by a suspected trafficker but not yet recovered, usually are trafficked illegally.
Over the past few years, Swig Equities has purchased and/or is in the process of developing in excess of $2 billion of properties, which includes the purchase of 110 William Street, 90 Broad Street; the purchase and renovation of 80 Broad Street; the purchase and renovation of historic 48 Wall Street; the purchase and renovation of 44 Wall Street, a 350,000 square foot office building; the purchase of 770 Lexington Avenue.
Are Separate IPIC Pools Required for Purchased and Produced Goods?
This is a little surprising since, where the target property is ordinary income dealer property, the taxpayer would seem to have an uphill fight in attempt to obtain capital gains for property purchased in connection with its ordinary income activity.

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