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PURCHASER, contracts. A buyer, a vendee.
     2. It is a general rule that all persons, capable of entering into contracts, may become purchasers both of real and personal property.
     3. But to this rule there are several exceptions. 1. There is a class of persons who are incapable of purchasing except sub modo; and, 2. Another class, who, in consequence of their peculiar relation with regard to the owners of the thing sold, are totally incapable of becoming purchasers, while that relation exists.
     4.-1. To the first class belong, 1st. Infants under the age of twenty- one years, who may purchase, and at their full age bind themselves by agreeing to the bargain, or waive the purchase without alleging any cause for so doing. If they do not agree to the purchase after their full age, their heirs may waive it in the same manner as they themselves could have done. Cro. Jac. 320; Rolle's Ab. 731 K; Co. Litt. 2 b; 6 Mass. R. 80; 6 John. R. 257.
     5.-2d. Femes covert, who are capable of purchasing but their husbands may disagree to the contract, and divest the whole estate; the husband may further recover back the purchase-money. 1 Ld. Raym. 224; 1 Madd. Ch. R. 258; 6 Binn. R. 429. When the husband neither, agrees nor disagrees, the purchase will be valid. After the husband's death, the wife may waive the purchase without assigning any cause for it, although the husband may have agreed to it; and if, after her husband's death, she do not agree to it, her heirs may waive it. Co. Lift. 3 a; Dougl. R. 452.
     6.-3d. Lunatics, or idiots, who are capable of purchasing. It seems that although they recover their senses, they cannot of themselves waive the purchase; yet if, after recovering their senses, they agree to it, their heirs cannot set it aside. 2 Bl. Com. 291; and see 3 Day's R. 101. Their heirs may avoid the purchase when they die during their lunacy or idiocy. Co. Litt. 2 b.
     7.-2. It is a general rule that trustees 2 Bro. C. C. 400; 3 Bro. C. C. 483; 1 John. Ch. R. 36; 3 Desaus. Ch. R. 26; 3 Binn. Y. 59; unless they are nominally so, to preserve contingent remainders; 11 Ves, Jr. 226; agents; 8 Bro. P. C; 42; 13 Ves. Jr. 95; Story, Ag. Sec. 9; commissioners of bankrupts; assignees of bankrupts; solicitors to the commission; 6 Ves. Jr. 630, n. b.; auctioneers and creditors who have been consulted as to the mode of sale; 6 Ves. Jr. 617; 2 Johns. Ch. R. 257; or any other persons who, by their connexion with the owner, or by being employed concerning his affairs, have acquired a knowledge of his property, are generally incapable of purchasing such property themselves. And so stern is the rule, that when a person cannot purchase the estate himself, he cannot buy it, as agent for another; 9 Ves. Jr. 248; nor perhaps employ a third person to bid for it on behalf of a stranger; 10 Ves. Jr. 381 for no court is equal to the examination and ascertainment of the truth in a majority of such cases. 8 Ves. Jr. 345.
     8. The obligations of the purchaser resulting from the contract of sale, are, 1. To pay the price agreed upon in the contract. 2. To take away the thing purchased, unless otherwise agreed upon; and, 3. To indemnify the seller for any expenses he may have incurred to preserve it for him. Vide Sugd. on Vend. Index, h.t.; Ross on Vend. Index, h.t.; Long on Sales, Index, h.t.; 2 Supp. to Ves. Jr. 449, 267, 478; Yelv. 45; 2 Ves. Jr. 100; 8 Coin. Dig. 349; 3 Com. Dig. 108.

References in periodicals archive ?
Once potential liabilities and similar issues are identified, the purchaser must ensure that the purchase agreements are drafted to insulate the purchaser from these liabilities.
If, on the other hand, the purchase requires investigation because either an entire business is bought or other assets are being purchased that require due diligence and a financial investment prior to the purchase, the purchaser may want to enter into a binding agreement with the DIP (or the bankruptcy trustee) subject only to bankruptcy court approval.
A second potential purchaser is an independent 501(c)(3) organization that has been approved by the IRS to purchase ALFs or has applied to be so approved.
Interstate firearms traffickers frequently use two methods to obtain firearms: falsification of the ATF Firearms Transaction Record at the time of the firearm purchase or the use of a straw purchaser, an individual who purchases a firearm and completes the required paperwork for the purpose of concealing the true identity of the intended receiver of the firearm.
Casting purchasers, through industry surveys and meeting presentations, have made it no secret that there's room for improvement among foundries.
The purchaser can elect under Internal Revenue Code section 338(g) to treat the target company as if it were liquidated in a taxable transaction on the acquisition date.
As of 12:00 Midnight, July 21, 1994, the Expiration Date for the Offer, 5,036,922 Units had been validly tendered and not withdrawn (as indicated by a preliminary count) including Units tendered pursuant to guaranteed delivery procedures, which, when added to the 1,531,866 Units already owned by Purchaser and its affiliates, aggregates 58.
Provision by physicians of information to purchasers of health care services.
Therefore, there should also be written into the agreement a formula which will allow the heirs, the purchaser and the auditors to determine the actual value or price to be paid at the time of death, which is likely to be many years in the future.
Exemption Form: In the situation described above, current SSUTA Section 312 provides that a purchaser that does not hold a direct-pay permit must provide the seller with an MPU Exemption Form.
In a market as fast paced as this, a purchaser must sometimes rely on their intuition" explained Polsinelli.
Enacted by the SEC in 1990, Rule 144A enables a company to offer its securities, through one or more investment banking firms acting as "initial purchasers," to institutional investors in a private transaction exempt from this registration requirement.

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