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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 ?
Ross Schneiderman and Atanu Bhattacharjee represented both the seller and the purchaser in the transaction between NYC 174th Realty Co.
The employee retained legal title to the residence until it was sold to a third party; at that point, the name of the third-party purchaser was entered on the deed as grantee.
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.
The definition of specified purchaser has been expanded in the 2004 proposals.
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.
But if she wants to offer a partial defense of consumerism, then it's important to suggest a way of drawing the conceptual line between the citizen variety she likes and the purchaser variety she doesn't.
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.

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