Law Dictionary Definitions

buyer’s market.See MARKET. [Blacks Law 8th]

buying-in,n. The purchase of property by the original owner or an interested party at an auction or foreclosure sale. — buy in,vb.[Blacks Law 8th]

buyer. One who makes a purchase. See PURCHASER. buyer in ordinary course of business.A person who — in good faith and without knowledge that the sale violates a third party’s ownership rights or security interest in the goods — buys from a person regularly engaged in the business of selling goods of that kind. • Pawnbrokers…

buy-down,n. Money paid by the buyer of a house to reduce the mortgage-interest payments.[Blacks Law 8th]

buy-back clause. 1.Contracts. A provision that requires a manufacturer or franchiser to buy back inventory and equipment if the distributor or franchisee’s contract is terminated prematurely. 2.Contracts. A clause allowing the seller of property the right or opportunity to repurchase the property under stated conditions. 3.Insurance. An insurance-policy clause that provides for the reinstatement of…

buy-and-sell agreement.See BUY–SELL AGREEMENT. [Blacks Law 8th]

buy. See PURCHASE(1).[Blacks Law 8th]

butlerage.Hist. A duty on wine imported into England, payable to the royal butler. Cf.PRISAGE. BUT SEE but see.See SED VIDE.[Blacks Law 8th]

butts and bounds.See METES AND BOUNDS. [Blacks Law 8th]

buttals (b<<schwa>>t-<<schwa>>lz).Archaic. See ABUTTALS. [Blacks Law 8th]