Hi Mary
Looks like this record is held in the archives at St Andrews University.
My understanding of it would be that Janet Peattie, the widow of Henry Adamson (who was a land-labourer in St Andrews) had left her worldly goods to Elizabeth Dalrymple, the daughter of James D. I think the following bit means that Elizabeth Dalrymple is currently with Janet Peattie in St Andrews (but I could be wrong!) Should Elizabeth D. not be able to accept (e.g. if she should die before Janet Peattie) then the money/property is to go to Elizabeth's natural son, also called James Dalrymple. In addition, there are also some legacies (probably money, might be property?) to Ann Peattie, the dau of Janet Peattie's nephew, John Peattie, who is currently a servant to John Ewan at Backmuir of Cassingray.
1) Who would this Janet Peattie be and what exactly was she giving Elizabeth?
From this extract you can't tell if there is any family relationship between Janet Peattie & Elizabeth Dalrymple. She migth just be a faithful servant - maybe Janet Peattie has no surviving close family other than the daughter of her nephew? What she wa leaving to Elizabeth will be detailed in the document - it might be money, property, land, furniture, clothes, plates, cutlery & other household "plenishings" - all or any of these things! Basically, her "estate" - whatever that consisted of.
2) From google the only mention of Nether Magus is in Ceres so this seems to fit. Is Nether Magus a farm or village?
Without looking at a map, but knowing the area, I'd guess Nether Magus is a farm. I'll check later & get back to you. Magus Moor is on the old road from Ceres to St Andrews.
later:
http://www.fifefhs.org/Records/Directory/ceres.htm
FARMERS lists Bruce, James, Nether Magus - so looks like it
is a farm. There is a farm Upper Magus showing on the modern OS map to the west of Magus moor. I'd expect Nether Magus to be downhill from there and indeed there is a farm now called Nether Magask on the Ceres to St Andrews Road. Upper Magus shows on a map as Upper Magask on the "Vision of Britain" site.
http://www.visionofbritain.org.uk/ so I think thats your place - its near Blebo Craigs.
3) I have looked at Ceres records and I can't find a Elizabeth born to a James Dalrymple. Unfortuately Elizabeth Wemyss died in 1851 as did her son
A James seems to be ELizabeth's father, but James is also the name of Elizabeth's illegitimate son.
4) Where do I go next?
Possibly contact St Andrews University Muniments and ask how much it would be to photocopy the document or send you the document in jpeg format. (they offer this service but do charge for it - charge will depend how long the document is)
http://specialcollections.st-and.ac.uk/muniments.htm
Its difficult to tell how much nore inforamation the document holds without seeing it. It may be short, to the point, and not give much more than the summary you already have, but sometimes this type of document can be quite lengthy and between all the standard "legal speak" there can be some wee gems of information often accompanied by fascinating detail e.g. recenlty I found this line in a similar document, listing posessions: "...bed and bedding of cloathes and some old ones not worth anything"
Best wishes
Lesley