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Simple English definitions for legal terms
abbroachment
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A quick definition of abbroachment:
Term: ABBROACHMENT
Definition: Abbroachement is an old-fashioned word that means buying a lot of things at once and then selling them at a higher price to people who need them. This is not a fair way to do business because it means that the seller is the only one who can sell the product, and they can charge whatever they want. It's like if you bought all the candy at the store and then sold it to your friends for twice the price. That wouldn't be very nice, would it?
A more thorough explanation:
Definition: Abbroachment is a historical term that refers to the act of buying wholesale merchandise to sell at retail as the only vendor, in order to forestall the market. It means that the person who engages in abbroachment is trying to control the market by being the only seller of a particular product.
Example: In medieval times, some merchants would engage in abbroachment by buying up all the grain in a town and then selling it at a higher price to the people who needed it. This would force the people to buy from the abbroacher, who was the only seller of grain in the town.
Explanation: This example illustrates how abbroachment works. The abbroacher buys up all the grain in the town, making it impossible for anyone else to sell it. Then, they sell the grain at a higher price, taking advantage of the fact that people need it and have no other choice but to buy from them. This practice is now illegal, as it is considered unfair and anti-competitive.