Legal Definitions - value

Definition: The significance, desirability, or usefulness of something. It can also refer to the monetary worth or price of something.

Examples:

• Social value: The value of something to the general public, such as a park or public transportation system.
• Monetary value: The amount of money that something is worth, such as the price of a car or a house.
• Market value: 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 examples illustrate how value can refer to both the importance or usefulness of something and its monetary worth. Social value refers to the significance of something to the general public, while monetary value refers to the amount of money something is worth. Market value is an example of how value can be determined by supply and demand in a transaction between a buyer and seller.