BARGAIN - Black's Law Dictionary

What is BARGAIN? Definition of BARGAIN in Black's Law Dictionary - Legal dictionary - Glossary of legal terms.

A mutual undertaking, contract, or agreement.

A contract or agreement between two parties, the one to sell goods or lands, and the other to buy them. Bank v. Archer, 16 Miss. 192.

As a verb, to sell for cash, or on terms, rather than to trade or exchange. In re Wellings' Es- tate, 197 Cal. 189, 240 P. 21, 24.

"If the word 'agreement' imports a mutual act of two parties, surely the word 'bargain' is not less significative of the consent of two. In a popular sense, the former word is frequently used as declaring the engagement of one only. A man may agree to pay money or to perform some other act, and the word is then used synonymously. with 'promise' or 'engage.' But the word 'bargain' is seldom used, unless to express a mutual contract or undertaking." Packard v. Richardson, 17 Mass. 131, 9 Am.Dec. 123.

—Bargain money. These words in a contract for the sale of land have much the same significance as earnest money. Morgan v. Forbes, 236 Mass. 480, 128 N.E. 792, 793.

—Catching bargain. A bargain by which money is loaned, at an extortionate or extravagant rate, to an heir or any one who has an estate in reversion or expectancy, to be repaid on the vesting of his interest; or a similar unconscionable bargain with such person for the purchase outright of his expectancy. See Edler v. Frazier, 174 Iowa, 46, 156

N.W. 182, 187. That kind of fraud often perpetrated upon young, inexperienced, or ignorant people. Provident Life & Trust Co. v. Fletcher, C.C.A.N.Y., 258 F. 583, 586.

See Unconscionable Bargain

More On This Topic: BILATERAL CONTRACT 

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That's the definition of BARGAIN in Black's Law Dictionary - Legal dictionary - Glossary of legal terms. Courtesy of Cekhukum.com.