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Simple English definitions for legal terms
fair cash value
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A quick definition of fair cash value:
Fair cash value refers to the amount of money that something is worth in an exchange. It can also be called fair market value and is determined by what a buyer is willing to pay and a seller is willing to accept in an open and fair transaction. This value can be influenced by factors such as supply and demand, the condition of the item, and its usefulness or desirability.A more thorough explanation:
Definition: The amount of money that something is worth in an exchange, determined by what a buyer is willing to pay and a seller is willing to accept in an open market transaction. It is also known as fair market value.
Examples: If you want to sell your car, the fair cash value is the amount of money that a buyer is willing to pay for it and that you are willing to accept. Similarly, if you want to buy a house, the fair cash value is the amount of money that the seller is willing to accept and that you are willing to pay for it.
Explanation: Fair cash value is determined by the market forces of supply and demand. It is the price that a willing buyer and a willing seller agree upon in an arm's-length transaction. It is important in many areas of law, such as taxation, insurance, and bankruptcy, where the value of assets needs to be determined.