11:20
I am not a llama, and I am an adcommie @ The University of American Samoa Law (go LandCrabies)
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
forestaller
Read a random definition: redhibition
A quick definition of forestaller:
A forestaller is a person who tries to prevent something from happening or intercepts something. In the past, it also referred to someone who bought goods to resell them at a higher price, which was considered a crime. This was because it caused prices to go up in many places, even though it helped allocate scarce goods to where they were most needed.
A more thorough explanation:
Definition: A forestaller is a person who engages in the act of forestalling, which can refer to several actions:
- Preventing an event or result from happening
- Intercepting or obstructing a person on a royal highway (historical usage)
- Preventing a tenant from entering a property (historical usage)
- Intercepting a deer reentering a forest (historical usage)
- Buying goods for the purpose of reselling them at a higher price (historical usage)
Historically, forestalling was considered an indictable offense, particularly in the case of buying goods for the purpose of reselling them at a higher price. This was seen as a restraint of trade, as it resulted in higher prices for goods in many parts of the country.
For example, a forestaller might bid against a traditional buyer in a smaller town, obtain grain, and then resell it in a larger town where it could command a higher price. This practice did not harm allocative efficiency, as it effectively reallocated scarce goods to their most highly valued uses. However, it was still considered objectionable and prohibited.