Legal Definitions - engrossing

Definition: Engrossing is the practice of buying large quantities of goods or merchandise with the intention of gaining a monopoly and selling them at a very high price. It was considered a misdemeanor in England until 1834.

Example: A group of wealthy merchants bought up all the wheat in a particular region, causing a shortage and driving up the price. They then sold the wheat at a much higher price, making a large profit.

Explanation: This example illustrates how engrossing works. By buying up a large amount of a particular commodity, the engrosser can control the supply and demand, allowing them to set a higher price and make a profit. However, this practice is harmful to the public, as it can lead to shortages and higher prices for essential goods.