Black Market
/ˌblæk ˈmɑːrkɪt/
Definitions
- (n.) An unofficial market where goods or services are traded illegally, bypassing government regulations or taxation.
The stolen electronics were sold on the black market to avoid legal detection.
- (n.) A market for goods or services prohibited by law, such as narcotics or weapons.
The enforcement agency cracked down on the black market for counterfeit drugs.
Commentary
In legal drafting, distinguishing the black market from gray market or legitimate underground markets is crucial due to implications for criminal liability and regulatory enforcement.