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LSDefine
Simple English definitions for legal terms
engrossing
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A quick definition of engrossing:
Engrossing is when someone buys a lot of something, like food, with the plan to sell it later for a much higher price. This is not good for everyone else because it allows one or two people to control the price of things that everyone needs. In England, it used to be against the law until 1834.
A more thorough explanation:
Definition: Engrossing is the practice of buying large quantities of goods or merchandise with the intention of gaining a monopoly and selling them at a very high price. It was considered a misdemeanor in England until 1834.
Example: A group of wealthy merchants bought up all the wheat in a particular region, causing a shortage and driving up the price. They then sold the wheat at a much higher price, making a large profit.
Explanation: This example illustrates how engrossing works. By buying up a large amount of a particular commodity, the engrosser can control the supply and demand, allowing them to set a higher price and make a profit. However, this practice is harmful to the public, as it can lead to shortages and higher prices for essential goods.