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The estimated or appraised worth of any object or property, calculated in money.

The word value has many meanings and may be used in different senses. Because value is usually a relative term, its true meaning must be determined by the context in which it appears.

Value sometimes expresses the inherent usefulness of an object and sometimes the power of purchasing other goods with it. The first is called value in use, the latter value in exchange. Value in use is the utility of an object in satisfying, directly or indirectly, the needs or desires of human beings. Value in exchange is the amount of commodities, commonly represented by money, for which a thing can be exchanged in an open market. This concept is usually referred to as market value.

Courts have frequently used the word value without any clear indication of whether it referred to value in use or market value. Generally, however, the courts and parties in civil actions are concerned with market value. Though courts may refer to salable value, actual value, fair value, reasonable value, and cash value, these terms are synonymous with market value.

Value is also employed in various phrases in business and commercial usage. The phrase actual cash value is used in insurance to signify the cost of purchasing new replacement property less normal depreciation, though it may also be determined by the current market value of similar property or by the cost of replacing or repairing the property. Cash surrender value is used in life insurance to refer to the amount that the insurer will pay the policyholder if the policy is canceled before the death of the insured.

Book value is the value at which the assets of a business are carried on the company's books. The book value of a fixed asset is arrived at by subtracting accumulated depreciation from the cost of the asset. Book value may also refer to the net worth of a business, which is calculated by subtracting liabilities from assets. Liquidation value is the value of a business or an asset when it is sold other than in the ordinary course of business, as in the liquidation of a business.

In the Stock Market, par value is the nominal value of stock; it is calculated by dividing the total stated capital stock by the number of shares authorized. Stated value is the value of no par stock established by the corporation as constituting the capital of the corporation.


Fair Market Value.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.

VALUE, common law. This term has two different meanings. It sometimes expresses the utility of an object, and some times the power of purchasing other good with it. The first may be called value in use, the latter value in exchange.
     2. Value differs from price. The latter is applied to live cattle and animals; in a declaration, therefore, for taking cattle, they ought to be said to be of such a price; and in a declaration for taking dead chattels or those which never had life, it ought to lay them to be of such a value. 2 Lilly's Ab. 620.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
The regulators did not know the fundamental value of each asset, but each regulator was rewarded if he correctly converted (or didn't convert) the asset.
Fundamental values followed a constant time trajectory.
Following our estimation procedure we compute distributions of the fundamental values of a college degree and a high school diploma (all 99 percentiles) for calendar years 1964 and 2010 and plot them in Figs.
"The new strategic concept should continue to reflect the fundamental values in question.
Personal ethos is hard to define and I'm sure varies from one individual to another, so I looked up the word 'ethos' to see what it exactly meant, the definition I found was - Ethos (Greek) 'Fundamental values to a specific person, people, culture or environment'.
The first three describe the most fundamental values and commitments of the nurse, the next three address boundaries of duty and loyalty, and the last three address aspects of duties beyond individual patient encounters.
The CHOGM leaders "observed that Commonwealth sporting events represent a significant public demonstration of the unity of the Commonwealth as a family of members with a shared commitment to fundamental values".
"We have taken necessary action to ensure that DSI observes these fundamental values that are important to ourselves and our investors."
The lenders involved in the programme would pay the difference between the assets' discounted book value and fundamental values as determined by auditors to the government rescue fund.
He also guided the company to a new growth model while preserving the fundamental values and culture that have made Wal-Mart what it is.
The fundamental values of the bank would exclude needless chopping and changing of frivolous financial "products", slippery small print and other devices of the trickster.
President Hugo Chavez "feels honored to share with Iran's Islamic revolution`s ideals of independence and sovereignty, fundamental values in consolidating a multi-polar world within the context of an open dialogue between cultures," the statement added.

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