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LSDefine
Simple English definitions for legal terms
just value
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A quick definition of just value:
Just value refers to the worth of something, either in terms of its usefulness or the amount of money it can be exchanged for in a fair and open market. It can also be called fair market value and is often used in legal and financial contexts to determine the value of assets or property. Essentially, just value is the amount that something is worth based on its inherent qualities and the demand for it in the marketplace.A more thorough explanation:
Definition: Just value is the same as fair market value, which is the price that a seller is willing to accept and a buyer is willing to pay on the open market and in an arm's-length transaction. It is the point at which supply and demand intersect.
Examples:
- A house is listed for sale at $300,000. After negotiations, the buyer and seller agree on a price of $280,000. This is the just value of the house.
- A car is being sold by a private owner for $5,000. The buyer offers $4,500 and the seller accepts. This is the just value of the car.
These examples illustrate how just value is determined through negotiation between a buyer and seller in a fair and open market. It is the price that both parties agree is reasonable for the item being sold.