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Simple English definitions for legal terms

Market Value

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A quick definition of Market Value:

Market Value: The fair price or value that something can be sold for in the marketplace. This is often used when talking about selling property or services. If the government takes someone's property, they have to pay them the fair market value as compensation. This is different from fair value, which is the value of something when there is no market for it.

A more thorough explanation:

Definition: Market value refers to the objective fair price or value that can be obtained for a good through a transaction in the marketplace. This term is commonly used in the context of property or services being sold, and is often synonymous with fair market value. When the government takes property, it must provide just compensation, which is typically the fair market value of the property.

Example: If you are selling your car, the market value would be the price that a buyer is willing to pay for it in an arm's-length transaction. This price would be based on factors such as the car's age, condition, and demand in the market.

Example: In property law, if the government takes your land for public use, they must provide just compensation, which is typically the fair market value of the land. This means that the government must pay you the amount that a willing buyer would pay for the land in an arm's-length transaction.

Market value is an important concept in determining the worth of goods and services in the marketplace. It helps ensure that buyers and sellers are able to make fair transactions based on objective pricing.

Market Participant Exception | Marketable Title

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17:05
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I like curse freaks too
trees1234567
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chag!!! hope you’re happily enjoying your summer before you kill it at UT
babybunny
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you’re real as fuck for that
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i have been working like a dog you guys
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i have a full time job and two internships
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I love that you know that reference
babybunny
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i get compared to summer all the time tbh
babybunny
17:08
comes with the territory of being a girl with big eyes and art hoe tastes
I'm done trying to get into law school. Just going to go play dead in some grass somewhere. Good luck all.
KnowledgeableRitzyWasp
17:10
noo battle brother
KnowledgeableRitzyWasp
17:11
don’t surrender
Tom is me in that I am also a hopeless romantic
babybunny
17:17
me too it’s a very dangerous thing to be
babybunny
17:17
also i fear i may never learn that you’re not necessarily compatible with someone just because you like the same things
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17:18
got home and the ducky is still so cute i love life
@babybunny: yeah... I learned that after my last heartbreak which culminated in my lung randomly collapsing
Plant my feet and bitterly breathe up the time that's passing
anyone have advice on submitting an additional rec letter after WL even if the admissions officer said it's not necessary? rec letter is from someone affiliated with the school..
I would still do it
18:01
not someone claiming they got accepted from the SMU WL
One of my waitlist allowed me to submit a fifth letter of rec after submitting 4 in my initial applicstion
18:03
I just hope SMU gives me a chance once my test results post :’)
If it’s another prof, I would ask the law school if it’s okay if the new recommender submitted another letter directly to admissions team, if they say yes definitely go for it
18:05
I only have one LOCI for them left and I’m waiting to use it when my last results release, otherwise I would
manifestmoreadmissions
21:02
valley SMU would be so lucky to have you you would be such an asset
22:56
Awww thank you manifest :’)
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