Bargain Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Bargain, written in plain English, along with examples of how it is used.

What is Bargain?

(n) Bargain is the deal between two persons while buying or exchanging any item, service, offers, concurrence etc where in the quantum, value, terms, qualifications etc are arrived after a negotiation.

History and Meaning of Bargain

The term "bargain" originated in the 14th century, and it refers to a deal or exchange between two parties. It is a negotiation, where parties work to arrive at a mutually agreed-upon price, terms of the exchange, and other qualifying details.

Bargain has a broad application and is used in the context of buying and selling goods, services, and even real estate. Bargain is the process of coming to an agreement between two parties, where both parties feel like they are getting a fair deal.

Examples of Bargain

  1. A customer wanting to buy a car may bargain with the salesperson to get a better price or added features.
  2. A person may bargain with their employer for a higher salary or better benefits.
  3. A vendor may bargain with their suppliers to get a better price on their raw materials.
  4. A person may bargain with a landlord for a lower rent rate on an apartment.
  5. A homeowner may bargain with a real estate agent regarding the commission fee for selling their property.

Legal Terms Similar to Bargain

  1. Contract: A legally binding agreement between two or more parties that creates an obligation to perform a specific task or exchange goods.
  2. Agreement: A mutual understanding between two or more parties, where they agree to the terms and conditions of an exchange, but it may not always be legally binding.
  3. Negotiation: The process of reaching an agreement or compromise through discussion and compromise between two parties.