1. A negotiated transaction, usu. for goods, services, or real property.
2. Hist. A written agreement for the sale of land whereby the buyer would give valuable consideration (recited in the agreement) without having to enter the land and perform livery of seisin, so that the parties equitably “raised a use” in the buyer. • The result of the transaction was to leave the legal estate in fee simple in the seller and to create an equitable estate in fee simple in the buyer until legal title was transferred to the buyer by delivery of a deed. In most jurisdictions, the bargain and sale has been replaced by the statutory deed of grant. [Cases: Deeds 22. C.J.S. Deeds § 16.]
