MARKET

(Mod. Lat. merchet a, from merx.) In Law, the liberty or franchise whereby a town is enabled to set up and open shops, Ike, at a certain place within its limits, for buying and selling, and better provision of such victuals as the subject wanteth. The establishment of a market, with the grant of the tolls thereunto belonging, is one of the king's prerogatives; and can only be effected by virtue of the king's grant, or supported on long and immemorial usage and prescription which presuppose such a grant. The general rule of law is, that all sales and contracts of any thing vendible in fairs or markets overt (i.e. open) shall not only be good between the parties, but valid agaipst all claim by others having any right or property in the subject. [s. 728]