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Simple English definitions for legal terms
clear market value
Read a random definition: abstraction-filtration-comparison test
A quick definition of clear market value:
Clear market value refers to the amount of money that something is worth in an exchange. It is the price that a seller is willing to accept and a buyer is willing to pay in a fair and reasonable transaction. This value can be affected by factors such as supply and demand, the condition of the item, and the opinions of buyers and sellers. Clear market value is important in determining the worth of property, goods, and services.
A more thorough explanation:
Definition: Clear market value is the price that a buyer is willing to pay and a seller is willing to accept for a product or service in an open market transaction. It is also known as fair market value.
Example: If a person wants to sell their car, the clear market value is the price that a buyer is willing to pay for the car and the seller is willing to accept. If the seller asks for $10,000 and the buyer agrees to pay that amount, then the clear market value of the car is $10,000.
Explanation: The example illustrates how clear market value is determined in a transaction between a buyer and a seller. The price is based on what the buyer is willing to pay and what the seller is willing to accept, and it is influenced by factors such as supply and demand, competition, and the condition of the product or service being sold.
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