Noun | 1. | ![]() |
2. | purchase - something acquired by purchase | |
3. | purchase - a means of exerting influence or gaining advantage; "he could get no purchase on the situation" | |
4. | ![]() Synonyms: leverage | |
Verb | 1. | purchase - obtain by purchase; acquire by means of a financial transaction; "The family purchased a new car"; "The conglomerate acquired a new company"; "She buys for the big department store" Synonyms: buy |
PURCHASE. In its most enlarged and technical sense, purchase signifies the
lawful acquisition of real estate by any means whatever, except descent. It
is thus defined by Littleton, section 12. "Purchase is called the possession
of lands or tenements that a man hath by his own deed or agreement, unto
which possession he cometh, not by title of descent from any of his
ancestors or cousins, but by his own deed."
2. It follows, therefore, that not only when a man acquires an estate
by buying it for a good or valuable consideration, but also when it is given
or devised to him be acquires it by purchase. 2 Bl. Com. 241.
3. There are six ways of acquiring a title by purchase, namely, 1. By,
deed. 2. By devise. 3. By execution. 4. By prescription. 5. By possession,
or occupancy. 6. By escheat. In its more limited sense, purchase is applied
only to such acquisitions of lands as are obtained by way of bargain and
sale for money, or some other valuable consideration. Id. Cruise, Dig. tit.
30, s. 1, to 4; 1 Dall. R. 20. In common parlance, purchase signifies the
buying of real estate and of goods and chattels.