n. In English law . A greater species of market; a privileged market. It is anincorporeal hereditament, granted by royal patent, or established by prescriptionpresupposing a grant from the crown.In the earlier English law, the franchise to hold a fair conferred certain importantprivileges ; and fairs, as legally recognized institutions, possessed distinctive legalcharacteristics. Most of these privileges and characteristics, however, are now obsolete.In America, fairs, in the ancient technical sense, are unknown, and, in the modern andpopular sense, they are entirely voluntary and non-legal, andtransactions arising in or in connection with them are subject to the ordinary rulesgoverning sales, etc.
Black’s Law Online Dictionary
