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Value
ValueCommon law. This term has two different meanings. It sometimes expresses the utility of an object, and some times the power of purchasing other good with it. The first may be called value in use, the latter value in exchange. RELATED TERMS-------------------------------------- Common marriage law. a marriage in which no formal ceremony took place and no license exists. Law A rule or body of rules of conduct inherent in human nature and essential to or binding upon human society. The learned profession that is mastered by graduate study in a law school and that is responsible for the judicial system. Term 1) Construction. Word; expression speech. 2) Contracts. This word is used in the civil, law to denote the space of time granted to the debtor for discharging his obligation; there are express terms resulting from the positive stipulations of the agreement; as, where one undertakes to pay a certain sum on a certain day and also terms which tacitly result from the nature of the things which are the object of the engagement, or from the place where the act is agreed to be done. For instance, if a builder engage to construct a house for me, I must allow a reasonable time for fulfilling his engagement. 3) Estates. The limitation of an estate, as a term for years, for life, and the like. The word term does not merely signify the time specified in the lease, but the estate also and interest that passes by that lease; and therefore the term may expire during the continuance of the time, as by surrender, forfeiture and the like. 4) Practice. The space of time during which a court holds a session; sometimes the term is a monthly, at others it is a quarterly period, according to the constitution of the court. Power This is either inherent or derivative. The former is the right, ability, or faculty of doing something, without receiving that right, ability, or faculty from another. The people have the power to establish a form of govemment, or to change one already established. A father has the legal power to chastise his son; a master, his apprentice. Value Common law. This term has two different meanings. It sometimes expresses the utility of an object, and some times the power of purchasing other good with it. The first may be called value in use, the latter value in exchange. Use 1) Estates. A confidence reposed in another, who was made tenant of the land or terre tenant, that he should dispose of the land according to the intention of the cestui que use, or him to whose use it was granted, and suffer him to take the profits. 2) Civil law. A right of receiving so much of the natural profits of a thing as is necessary to daily sustenance; it differs from usufruct, which is a right not only to use but to enjoy. SIMILAR TERMS-------------------------------------- Valuable consideration Contracts. An equivalent for a thing purchased. Valuation The act of ascertaining the worth of a thing; or it is the esti-mated worth of a thing Valuation process A systematic procedure employed to provide the answer to a client's question about real property value. Value received This phrase is usually employed in a bill of exchange or promissory note, to denote that a consideration has been given for it. Valued bill of lading or ad valorem bill of lading A valued bill of lading, sometimes called an ad valorem bill of lading, is a bill of lading where the value of the cargo has been declared by the carrier and "inserted in the bill of lading". Valued policy A valued policy is one where the value has been set on the ship or goods insured, and this value has been inserted in the policy in the nature of liquidated damages, to save the necessity of proving it in case of loss. PREVIOUS AND NEXT TERMS-------------------------------------- Vagueness Uncertainty. Valid An act, deed, will, and the like, which has received all the formalities required by law, is said to be valid or good in law. Valuable consideration Contracts. An equivalent for a thing purchased. Valuation The act of ascertaining the worth of a thing; or it is the esti-mated worth of a thing Valuation process A systematic procedure employed to provide the answer to a client's question about real property value. Value Value received This phrase is usually employed in a bill of exchange or promissory note, to denote that a consideration has been given for it. Valued bill of lading or ad valorem bill of lading A valued bill of lading, sometimes called an ad valorem bill of lading, is a bill of lading where the value of the cargo has been declared by the carrier and "inserted in the bill of lading". Valued policy A valued policy is one where the value has been set on the ship or goods insured, and this value has been inserted in the policy in the nature of liquidated damages, to save the necessity of proving it in case of loss. Vassal Feudal law. This was the name given to the holder of a fief, bound to perform feudal service; this word was then always correlative to that of lord, entitled to such service. Vectigalia Among the Romans this word signified duties which were paid to the prince for the importation and exportation of certain merchandise. They differed from tribute, which was a tax paid by each individual . We thank you for using the Juridical Dictionary to search for Value. If you have a better definition for Value than the one presented here, please let us know by making use of the suggest a term option. This definition of Value may be disputed by other professionals. Our attempt is to provide easy definitions on Value and any other medical topic for the public at large.
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