Warning

Info

LSDefine

Simple English definitions for legal terms

fair market value

Read a random definition: contested divorce

A quick definition of fair market value:

Term: Fair Market Value

Definition: Fair market value is the price that a buyer and seller would agree on if they were both knowledgeable about the item being sold and neither was under pressure to buy or sell. It's the value of something based on what it's worth in the marketplace, not what someone thinks it's worth. This value is used in many laws and regulations, like taxes and bankruptcy. In Canada, it means the highest price of the item.

A more thorough explanation:

The fair market value (FMV) is the value of a property or asset that is determined by the marketplace or objective purchasers, rather than by a subjective individual. It is the price that an informed and unpressured buyer would pay to an informed, unpressured seller in an arm's length transaction.

For example, if you were selling your car to a stranger, the fair market value would be the price that the buyer and seller agree upon based on the car's condition, mileage, and other relevant factors. This price would not be influenced by any personal relationship between the buyer and seller, such as if you were selling the car to a family member at a discounted price.

The FMV is used in many laws and regulations, such as the Internal Revenue Code and bankruptcy law. It is often determined by a judge in a hearing, and it is defined as "the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or to sell and both having reasonable knowledge of relevant facts."

For example, if a person is filing for bankruptcy, the court may determine the FMV of their assets to determine how much they can pay their creditors. Or, if a person is donating a piece of artwork to a museum, the FMV of the artwork may be used to determine the tax deduction they can receive for the donation.

In Canada, the FMV is defined as "the highest price" of the subject matter, according to the Canada Revenue Agency.

Fair Labor Standards Act (FLSA) | Fair Minimum Wage Act of 2007

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
Coolperson49494
18:08
id do it although LA biglaw seems more appealing overall tbh
OvertReconditeSpider
18:20
If that person doesnt have 10k however, could be outta luck
yeah i think it comes down to literally not having 10k to blow
OvertReconditeSpider
18:20
Oof
OvertReconditeSpider
18:20
Skill issue
OvertReconditeSpider
18:21
Jk even if i had it. I wouldnt spend 10k just to get out of a lease to switch schools
MightyUnableSphinx
18:29
@menherachan: You should say that to GULC
MightyUnableSphinx
18:30
I mean fuck it right. Like, maybe they can help somehow. Probably they can't but if the alternative is "i dont go to gulc" who cares
MightyUnableSphinx
18:30
Idk I doubt they can give you 10k cash, lmao, but who knows!
Others will disagree, but max out a credit card if you have to do so.
It's 10K. Not 100K.
OvertReconditeSpider
19:29
10K at 21.51% interest. Lol
19:47
Yeah I would definitely disagree. Without family help when could they realistically pay that off?
20:18
If someone can live below the student budget at GULC loans could cover an extra $10K, but Grad PLUS loans still amount to $2 in repayment for every $1 borrowed on a 10-year plan at current interest rates. Not a choice to make lightly.
OvertReconditeSpider
20:19
^
OvertReconditeSpider
20:19
The rates on the stafford loans are garbage too
manifestmoreadmissions
21:59
yeah its not the worst decision and im sure you could find solutions to any problems it might create but idk if it's like a no-brainer
MightyUnableSphinx
0:11
Apply for new credit card w/ 12 month 0% APR intro offer -> Max out card to 10k to get out of lease -> Go to GULC
MightyUnableSphinx
0:11
You now have 12mths to pay back 10k with no interest
MightyUnableSphinx
0:14
If you have decent credit history/credit score i bet the starting balance will be like 15-25k
MightyUnableSphinx
0:14
im actually cooking right now wtf this advice is so good. do not blow up your plan in life because of a fkn lease agreement
1:39
Excuse me everyone. Sorry. I'm planning to take lsat but I see so many different types of textbooks and categories on the market, which books should I start with for a rookie like me? Thanks a lot!
loophole
for LR
1:42
Sincere thanks, with my respect :)
power score bible for logic games
@Coolperson49494: yeah but i physically cant get 10k in less than a month :(
it would take me like 6 months to get 10k
i agree that gulc is worth it for me, but i just do not have the means of upending all my plans and moving to dc
LSD+ is ad-free, with DMs, discounts, case briefs & more.