Legal Definitions - merx et pretium

Merx et pretium is a Latin legal phrase that translates to "goods and a price."

In legal contexts, particularly in traditions influenced by Roman and Scots law, this phrase refers to the two fundamental and essential components that must be present for a valid contract of sale to exist. Without both a clearly identified item (the "goods" or merx) and an agreed-upon monetary value (the "price" or pretium), a transaction cannot be legally considered a sale.

• Example 1: Purchasing Groceries at a Supermarket

  When Maria goes to the supermarket and buys a carton of milk, the milk itself represents the merx (the goods). The amount of money she pays at the checkout counter for that milk is the pretium (the price). This transaction is a clear sale because there is a specific item being exchanged for a defined monetary value. If Maria simply looked at the milk and left, or if the supermarket gave it to her for free, it would not be a sale because either the pretium or the intent to exchange for a price would be missing.

• Example 2: A Company Acquiring Office Furniture

  A startup company decides to furnish its new office space by purchasing several desks and chairs from a furniture supplier. In this scenario, the collection of desks and chairs constitutes the merx (the goods). The total sum of money the startup agrees to pay the supplier for these items is the pretium (the price). For this transaction to be a legitimate sale, both the specific furniture items and the agreed payment amount must be established. If the furniture was merely loaned or gifted, it would not be a sale.

• Example 3: Selling a Collectible Item Online

  David lists a rare vintage comic book for sale on an online auction platform. When another collector, Emily, places the winning bid and pays the amount, the comic book is the merx (the goods). The final bid amount that Emily pays to David is the pretium (the price). This exchange perfectly illustrates merx et pretium, as a specific, tangible item is transferred in exchange for a monetary payment, forming a valid sales contract.