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Market town

legal term for European settlement that has the right to host markets
The city center of Colchester. Colchester is Englands oldest recorded market town.

Market town is a word in law that came from the medieval period. It means a settlement in Europe that has the right to have markets. This separates them from villages and cities. A town may be described as a market town or as having market rights even if it does not have a market anymore, provided the right to do so still holds.