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Simple English definitions for legal terms
fair cash market value
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A quick definition of fair cash market value:
Fair cash 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 an open market transaction. This value is determined by the supply and demand of the item being sold. It is important in various fields such as insurance, taxation, and business valuation.
A more thorough explanation:
Definition: Fair cash market value is the amount of money that something would sell for in an open market transaction between a willing buyer and a willing seller. It is also known as fair market value.
Example: If you want to sell your car, the fair cash market value is the price that a buyer is willing to pay for it and that you are willing to accept. This value can be influenced by factors such as the car's condition, age, and demand in the market.
Explanation: The example illustrates how fair cash market value is determined in a transaction between a buyer and a seller. It is important to note that this value can vary depending on the circumstances and the parties involved in the transaction.