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LSDefine

Simple English definitions for legal terms

true value

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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.

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17:44
UMich WL 🔥
17:44
Lol
17:45
Harvard R 🔥
17:45
🔥 🔥 🔥 LFGGGG
RoaldDahl
17:45
columbia R 🔥🔥🔥
wait did georgetown release decisions today??
and @homelesscuteimpala i am loving this idea and choosing to believe it
lmaooo I put it in the wrong chat
all good, getting the reassuring message twice made me feel better : )
HAHA
18:28
Anyone have any feedback on 7sage for lsat studying? want to compare options befroe spending any money
J-Reuben-Clark-Law
18:45
7Sage son or LSAT Demon daughter. You pick which is more fucked up.
i loved 7sage personally
but some of the core curriculum felt unnecessary to me
J-Reuben-Clark-Law
18:48
I personally loved LSAT Demon but I did not get a 180. I find a lot of people with higher scores 175+ advocate 7Sage while the 165-175 range is LSAT Demon. However I have seen several 175+ people come out of LSAT Demon. I like LSAT Demon because I used them and listen to their YouTube videos and they have a simple website but everyone should also consider 7Sage.
J-Reuben-Clark-Law
18:49
Fuck just got an A from a school I withdrew from. Lmfao. I feel bad for em.
LSAT Demon is more comprehensive I would say. And the interface is a lot easier for people who don't really have that much time. It's also more fun I think haha. Feels more like a game
Also anybody have any idea whether or not UMich will look at score updates? I think I might retake the LSAT to see if I can get a higher score to get off the waitlist :') In my head it's definitely that LSAT score
IrishDinosaur
19:01
@HomelessCuteImpala: it certainly can't hurt! If they don't look at it directly, you can always reference it in a LOCI
19:33
Bard Law School
19:33
Vassar Law School
19:33
Sarah Lawrence Law School
19:34
Bennington Law School
IrishDinosaur
19:34
Princeton Law School
19:35
Goucher Law School
RoaldDahl
19:35
[deleted by dubiously]
19:36
Just got accepted into uc davis!!!
19:36
Did not think I had a chance
thats awesome
did they give you the moneys
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