purchaser


Also found in: Dictionary, Thesaurus, Medical, Financial, Idioms, Encyclopedia.
See: client, consumer, customer, patron

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 ?
In each scenario, the parties to the transaction are the employee, the employer, the RSC and the third-party purchaser. The employer contracts with the RSC to assist in the sale of the employee's residence.
The purchaser makes any payment or provides any other direct or indirect consideration through a third party (no $500 minimum payment needed);
While client files have been used for these examples, these same principles apply to all items that might be examined by a purchaser during due diligence.
In addition, if certain conditions are satisfied (including the making of a joint election by the vendor and the purchaser), paragraph 56.4(3)(b) provides an exception for amounts treated as proceeds of a disposition under description E of the cumulative eligible capital definition in subsection 14(5).
Once the exercise had been completed, Greenhalgh pointed out that virtually every seller neglected to ask the purchaser a simple question: Why were the purchasers looking to buy the factory?
The purchaser may license back to the seller intellectual property, and technology to enable the seller to handle run-off of old business that is not transferred but is in the same line as the transferred business, or to handle other retained business.
It is often said that when you buy the stock of a company, you get the company--"warts and all." This is because the purchaser steps directly into the shoes of the seller.
As the purchaser said, "The number one concern almost always will be price, but this is followed closely by quality, delivery and customer service." But this price, said the purchaser, isn't necessarily just price per pound, it can be total component cost as well as total acquisition price.
With a thoughtful plan for tackling the key legal considerations involved, a purchaser can overcome these uncertainties and help to ensure that its newly purchased Cadillac is not, in fact, an Edsel in disguise.
person required to receive it invalidates the 338(g) election unless the IRS determines that the purchaser made a "good faith" effort to identify and provide timely notice to all required recipients.
Liberal intellectuals have generally been hostile to the developments Cohen is writing about, because the notion of a polity based on individuals pursuing their own interests as purchasers, leading to a privatized, atomized society, doesn't conform well to the liberal ideal of a good (meaning communitarian) society.
The purchaser, and all persons acting jointly or in concert with the purchaser, previously held 4,041,000 common shares, warrants to purchase up to an additional 1,250,000 common shares, and stock options exercisable for another 500,000 common shares, representing approximately 12.7% of the then issued and outstanding common shares of the Company.

Full browser ?