Preemption
Pronunciation : Pre*?mp"tion
Part of Speech : n.
Etymology : [Pref. pre- + emption: cf. F. pr?emption. See Redeem.]
Definition : Defn: The act or right of purchasing before others. Specifically: (a) The privilege or prerogative formerly enjoyed by the king of buying provisions for his household in preference to others. [Eng.] (b) The right of an actual settler upon public lands (particularly those of the United States) to purchase a certain portion at a fixed price in preference to all other applicants. Abbott.
Source : Webster's Unabridged Dictionary, 1913