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LSDefine
Simple English definitions for legal terms
legal value
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A quick definition of legal value:
Legal value refers to the advantage or profit gained from a promise or contract. It can also refer to financial assistance received from an employer or public program during times of sickness, disability, or unemployment. In legal terms, it is often used interchangeably with the term "benefit".
A more thorough explanation:
Legal value refers to the advantage, profit, or gain that is received from a promise or contract. It is also known as legal benefit. For example, when someone sells a car, the money they receive is the legal value or benefit they get from the sale.
Another example of legal value is a death benefit, which is the sum of money paid to a beneficiary from a life insurance policy when the insured person dies.
Employers may also offer fringe benefits to their employees, such as insurance, a company car, or a tuition allowance. These benefits are considered legal value because they provide an advantage or profit to the employee.
In the context of eminent domain, special benefits or peculiar benefits may be given to the owner of land that is partially taken by the government during a public project. These benefits justify a reduction in the damages payable to the owner.
Overall, legal value refers to any advantage, profit, or gain that is received from a promise or contract, and it can be monetary or non-monetary.