Legal Definition
In a legal context, 'repurchase' refers to the act of buying back or acquiring ownership of a previously sold asset, often involving a contract to buy it from the original seller. It establishes a new contractual relationship where one party agrees to purchase the asset from another party, typically under specific terms.
Plain-English Translation
Imagine you bought something, and then later someone else agreed to buy that same thing back. 'Repurchase' is the legal term for this agreement: it means agreeing to buy an item again, often with a price set by the original deal.