Market in United Kingdom

Concept of Market

The following is an old definition of Market [1], a term which has several meanings:1. A place for public traffic; also, a franchise or liberty to have a place for such resort. A place where comestibles [eatables], perishable in their nature, are sold for the daily consumption of the people. A designated place in a town or city to which all persons can repair who wish to buy or sell articles there exposed to sale. The privilege within a town to have a market; as now used, includes the idea of land and buildings or suitable erections for the accommodation of those who attend the market to sell or buy the articles brought there for sale. See Establish

Alternative Meaning

Buying and selling generally; trade,trafiic, irrespective of place – as, in mai’ket price or value, see, in this resource, the term Market overt. Open market; a public market. In England, a sale of anything vendible therein is good as between the parties, and binding on all who have a property in the thing. But a sale out of market overt of stolen goods does not alter the ownership, and the owner’ may take them wherever he finds them. A fair or market held at stated intervals in particular places by virtue of a charter or permission. To this our ordinary markets bear no resemblance. There is no law recognizing the effect of sales in market overt in any of the United States. The privilege given by law to a sale in market: overt, of binding property against the true owner, was originally intended to encourage markets and commerce. The property must still be, so openly exposed that the vendor may conclude that no person but the true owner would dare expose it for sale. . . The privilege arose when there was great simplicity of practice between buyers and sellers, in markets and fairs. Shops were few, and persons whose goods were taken feloniously would know where to resort to find them. The privilege was designed to protect buy- ers: if a man did not pursue his goods to market where they were openly sold be ought not, to interfere with the right of the bona Jide purchaser; but he can require that the goods be exposed, and the whole transaction completed, so as to give him opportunity to pursue the goods. Therefore, a sale by sample is not such a sale as is entitled to the privilege. Market place. Usually a market-house. In a rule of charges, either a district of country in which trade in one or several articles is so habitually conducted as to f lu-nish a criterion of the value of the thing or things sold, or, the point to which the trade of a district centers. Market price or value. A price established by public sales in the way of ordinary business, as, of merchandise.” The price at which the owner or the pro- ducer of goods holds them for sale; the price at which they are freelj’ offered in the market; such price as he is willing to receive when the goods are sold in the ordinary course of trade. ” Market value,” ” actual market value,” and ” fair market value ” mean the same. The only other possible meaning of the word ” actual ” is value in actual market, as contradistinguished from a hypothetical, notional, or ideal value, which may be affixed to an article in a, particular case, for a particular reason. What men in the ordinary dealings of society, between man and man. would consider to be the fair actual market value of property, is the actual mrrket value. See further Value, Market. Market stall. The purchase of a stall or stand in a public market confers an easement or exclusive right to occupy the stall, with its appendages, for the purposes of the market, and subject to the regulations thereof. Marketable. Vendible in market; merchantable; free from plausible or reasonable objection: as, a marketable title to land. Opposed, unmarketable. See Merchantable; Title, 1, Marketable. Munieipal market. Consists in a place for the sale of provisions and articles of daily consumption; in convenient fixtures; in a system of police regulations, fixed market hours, provision made for lighting, watching, cleaning, for detecting false veeights and unwholesome food, and other arrangements calculated to facilitate the intercourse and insure the honesty of buyer and seller; also, in proper olficers to preserve order and enforce obedience to rules. Every municipal corporation that has power to establish ordinances to promote the general welfare, and preserve the peace, may fix the times or places of holding public markets for the sale of food, and make such other regulations concerning them as may con- duce to the public interest. The right to establish a market includes the right to shift it from place to place, as the convenience or necessities of the people demand; but no right is implied to build it upon a public highway. The court of the clerk of market has been incident to every market, to punish misdemeanors therein, especially the use of false weights and measures. See Engross; ForesTallikg; Inspection; Merchandise; Otherwise; Regrating; Staple; Toll.

Resources

Notes and References

1. Meaning of Market provided by the Anderson Dictionary of Law (1889) (Dictionary of Law consisting of Judicial Definitions and Explanations of Words, Phrases and Maxims and an Exposition of the Principles of Law: Comprising a Dictionary and Compendium of American and English Jurisprudence; William C. Anderson; T. H. Flood and Company, Law Publishers, Chicago, United States)