pre·emp·tion

[pree-emp-shuhn]
noun
the act or right of claiming or purchasing before or in preference to others.
Also, pre-emp·tion.


Origin:
1595–1605; < Medieval Latin praeëmpt(us) bought beforehand (past participle of praeëmere) + -ion. See pre-, emptor

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Based on the Random House Dictionary, © Random House, Inc. 2013.
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WordNet
preemption

noun
1. the judicial principle asserting the supremacy of federal over state legislation on the same subject 
2. the right of a government to seize or appropriate something (as property) 
3. the right to purchase something in advance of others 
4. a prior appropriation of something; "the preemption of bandwidth by commercial interests" 
WordNet® 3.0, © 2006 by Princeton University.
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00:10
Preemption is always a great word to know.
So is quincunx. Does it mean:
an arrangement of five objects, as trees, in a square or rectangle, one at each corner and one in the middle.
a fool or simpleton; ninny.
Example sentences
The primary goal is probably federal preemption of potentially stricter state
  standards.
The traders will be allowed to dispose of their effects, the allied army having
  the right of preemption.
His successor, surrounded by those who talk easily of transformation and
  preemption, was not reluctant to gamble on one big thing.
Let me say a word about what you call the new strategy of preemption.
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