9:18
Haaa I naturally want to do that too. I’m trying to stop. They need a surgeon general’s warning on this site for perspective law students
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LSDefine
Simple English definitions for legal terms
salable value
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A quick definition of salable value:
Salable value is how much something is worth if you were to sell it on the open market. It's the amount of money that someone is willing to pay for it and what the seller is willing to accept. It's also called fair market value. This is different from how much something might be worth to a specific person or in a specific situation.A more thorough explanation:
Definition: Salable value refers to the amount of money that something can be sold for in an open market transaction. It is also known as fair market value.
Examples: If you want to sell your car, the salable value would be the price that a buyer is willing to pay for it in an arm's-length transaction. Similarly, if you are selling a house, the salable value would be the price that a buyer is willing to pay for it in the current real estate market.
Explanation: Salable value is determined by the supply and demand of the market. If there are many buyers interested in a product, the salable value will be higher. On the other hand, if there are few buyers, the salable value will be lower. It is important to note that salable value is not the same as the cost of producing or acquiring the item. It is the price that the item can fetch in the market.