Value

(redirected from valueless)
Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia.

Value

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.

Cross-references

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 classic literature ?
Little could the first pioneer who had traversed it have ever imagined that the fairest prairies and the most lush water pastures were valueless compared to this gloomy land of black crag and tangled forest.
The lumber was practically valueless for export to other settlements across the mountain roads, which were equally rich in timber.
From that moment the sheep had begun to gather to the fold -- that is to say, the camps -- and offer their valueless lives and their valuable wool to the "righteous cause." Why, even the very men who had lately been slaves were in the "righteous cause," and glorifying it, praying for it, sentimentally slabber- ing over it, just like all the other commoners.
Accept them, lady to me they are valueless. I will never wear jewels more.''
That is another reason, if another reason is needed, why a treaty between us would be valueless. You and I--the whole world knows that before a cycle of years have passed Japan and America must fight.
On my view of characters being of real importance for classification, only in so far as they reveal descent, we can clearly understand why analogical or adaptive character, although of the utmost importance to the welfare of the being, are almost valueless to the systematist.
In some parts the estate is of no width, that is to say, the land cannot be irrigated, and therefore is valueless, like the surrounding rocky desert.
Speaking during last week's Thursday morning breakfast show at Radio Jambo, CBK governor Patrick Njoroge reiterated that the old Sh1,000 notes will become valueless starting October 1 and that the deadline will not be extended.
In the Lower House audit report, COA called on congressmen to initiate "house cleaning" by disposing of "damaged, valueless and insect-infested documents" that have accumulated in various offices.
Mike Kendrick, a pal and business associate of Virgin tycoon Sir Richard Branson, is behind a team which infuses rhino horns with a toxic pink dye which renders it valueless once severed.
The toxin and inedible dye renders a horn valueless, and the risk of being caught and convicted is hugely increased by the DNA evidence.
As these could be ripped up within seconds of the new Tory leader taking office, any agreement struck with Mrs May was valueless. This was a crisis imposed on the country by the Tories.