MARKET

A public time and appointed place of buying and selling; also, purchase and sale. It differs from the forum, or market of antiquity, which was a public market-place on one side only, or during one part of the day only, the other sides being occupied by temples, theaters, courts of justice, and other public buildings. Wharton. The liberty, privilege, or franchise by which a town holds a market, which can only be by royal grant or immemorial usage. By the term “market” is also understood the demand there is for any particular article; as, “the cotton market in Europe is dull.. Clerk of the market. See CLERK. Market gold. The toll of a market. Market overt. In English law. An open and public market. The market-place or spot of ground set apart by custom for the sale of particular goods is” in the country the only market overt; but in London every shop in which goods are exposed publicly to sale is market overt for such things only as the owner professes to trade in. 2 Bl. Comm. 449; Godb. 131; 5 Coke 83. See Fawcett v. Osborn. 32 HI. 426 83 Am. Dec. 278. Market price. The actual price at which the given commodity is currently sold or has recently been sold in the open market that is not at a forced sale but in the usual and ordinary course of trade and competition between sellers and buyers equally free to bargain as established by records of late sales. See Lovejoy v. Michels 88 Mich. 15 49 N. W. 901 13 L. R. A. 770; Sanford v. Peck 63 Conn. 486 27 Atl. 1057; Douglas v. Merceles 25 N. J. Eq. 147; Parmenter v. Fitzpatrick 135 N. Y. 190 31 N. E. 1032. The term also 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 v. United States 2 Wash. C. C. 493 Fed. Cas. No. 5 554. Market towns. Those towns which are entitled to hold markets. 1 Steph. Comm. (7th Ed.) 130. Market value. The market value of an article or piece of property is the price which it might be expected to bring if offered for sale in a fair market; not the price which might be obtained on a sale at public auction or a sale forced by the necessities of the owner but such a ‘price as would be fixed by negotiation and mutual agreement after ample time to find a purchaser as between a vendor who is willing (but not compelled) to sell and a purchaser who desires to buy but is not compelled to take the particular article or piece of property. Market geld (properly market geld.) In old records. The toll of a market. Cowell. Public market. A market which is not only open to the resort of the general public as purchasers but also available to all who wish to offer their wares for sale stalls stands or places being allotted to those who apply to the limits of the capacity of the market on payment of fixed rents or fees.