Market
Dictionary of Terms and Phrases Used in American or English Jurisprudence · Benjamin Vaughan Abbott · 1879
Dictionary of Terms and Phrases Used in American or English Jurisprudence
n.
1.
Originally, an authorized place for the sale of commodities; a place designated by law for public traffic.
2.
Hence, secondarily, in old English law, a franchise or liberty possessed by a municipal corporation of appointing a place within its territory for open sales of goods. This was an important power, both for the control it gave the city over local commerce, and as a means of revenue from license fees imposed. See Jacob or Tomlins, for an extended statement of the old English law of markets.
3.
In the present and American law of municipal corporations, the power of establishing, licensing, and controlling markets is generally recognized as one of the corporate powers; but it is in practice limited to places for the sale of provisions, and is not attended by the incidents which distinguished the old English franchise.
4.
Market is also used for buying and selling generally; for traffic, irrespective of any place appointed for it; as in the expressions market price or value. goods in certain designated public markets passes a good title to the purchaser, against the true owner (except the crown), even when a sale elsewhere might not; as where the goods sold have been stolen. In the country, the marketplace or spot of ground set apart by custom for the sale of goods and wares, &c., is, in general, the only market overt. In London, however, a sale in an open shop, of goods in which the shop-keeper is accustomed to deal, is, by the custom, equivalent to a sale in market overt; for every day, except Sunday, is a market there. See case of market overt, Tud. Lead. Cas. Mer. Laio, 713, and extended note. The law of market overt is said not to exist in Scotland (Patterson); and it has not been adopted within the United States. Market-place, does not necessarily or usually mean an uncovered space of ground dedicated as a market, but a market-house.
Smith V
City of Newbem, 70 N. C. 14.
Compare Mayor, &o. of Savannah <i.
Wilson, 49 Ga. 476.
Market price, means, when price at the place of exportation is in view, the price at which articles are sold and purchased, clear of every charge but such as is laid upon it at the time of sale. Goodwin u.
United States, 2 Wash. C. C. 493.
Market value, signifies a price established by public sales, or sales in the way of ordinary business.
Murray v. Stanton, 99 Mass. 345.