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Simple English definitions for legal terms
true value
Read a random definition: Novellae Leonis
A quick definition of true value:
True value refers to the actual worth or price of something, whether it's the amount of money it can be sold for or its usefulness to people. It can also be called fair market value, which is the price that a buyer is willing to pay and a seller is willing to accept in an open and fair transaction. True value can be affected by factors like supply and demand, the condition of the item, and the opinions of buyers and sellers.
A more thorough explanation:
Definition: 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; the point at which supply and demand intersect.
Examples:
- A house is listed for sale at $300,000, but after negotiations, the buyer and seller agree on a price of $280,000. The true value of the house is $280,000.
- A car dealership offers a vehicle for $25,000, but a customer negotiates and agrees to purchase it for $22,000. The true value of the car is $22,000.
These examples illustrate how the true value of an item is determined by the agreement between the buyer and seller in a fair market transaction. It is the price that both parties are willing to accept and pay, taking into account the supply and demand of the item.