gray market

gray market
gray market n: a market employing irregular but not illegal methods; esp: a market that legally circumvents authorized channels of distribution to sell goods at prices lower than those intended by the manufacturer

Merriam-Webster’s Dictionary of Law. . 1996.

gray market
An unofficial trade in something, especially of unissued shares of stock, controlled or scarce goods, or goods manufactured abroad that use U.S. trademarks without permission of the trademark holders.

The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. . 2008.

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