Definition:
Full value refers to the total worth of an item or asset. It is comparable to the fair market value, which represents the price at which the item would be sold in a fair and open market. A full warranty ensures that a product will function correctly for a specific duration. Fully administered indicates that an executor or administrator has completed the management of all assets in an estate, leaving no remaining assets to be distributed.
Full value is the fair market value of an asset or property, representing the price that a willing buyer would pay to a willing seller in an open market transaction. For instance, if a house is listed for sale at $500,000 and a buyer agrees to pay the full asking price, then the full value of the house is $500,000. Additionally, full value can also refer to a plea made by an executor or administrator of an estate, indicating that all assets of the estate have been legally disposed of and there are no remaining assets to satisfy any new claims. For example, if an executor of an estate files a fully administered plea, it signifies that all debts and taxes have been paid, all assets have been distributed to beneficiaries, and there are no remaining assets to be distributed.
Full value refers to the complete and fair compensation or restitution that a person is entitled to receive for any harm, loss, or damage they have suffered as a result of someone else’s actions or negligence.
The determination of full value in a legal case depends on various factors such as the extent of the harm or damage, the financial and non-financial losses incurred, and any applicable laws or regulations governing compensation.
Yes, full value can be awarded even in cases where there is no direct monetary loss. It can include compensation for pain and suffering, emotional distress, loss of enjoyment of life, or any other non-economic damages suffered by the victim.
No, full value and fair market value are not the same. Fair market value typically refers to the price at which a property or asset would be sold between a willing buyer and a willing seller, whereas full value encompasses a broader range of compensatory factors.
Full value is primarily associated with civil cases where compensation is sought for harm or loss. However, in some criminal cases, restitution orders may be issued to ensure the offender compensates the victim for their losses, which can be considered a form of full value.
Yes, full value can be awarded for intangible losses like reputation damage. In such cases, the court will assess the impact on the individual’s reputation and determine an appropriate compensation amount based on the harm suffered.
Yes, full value can include compensation for future losses or damages that are reasonably foreseeable. This can include future medical expenses, loss of future earnings, or any other anticipated financial or non-financial losses.
Yes, full value can be awarded in cases of wrongful death. The compensation may cover funeral expenses, loss of financial support, loss of companionship, and any other damages suffered by the surviving family members.
Yes, full value can be negotiated through settlement agreements between the parties involved in a legal dispute. However, it is crucial to ensure that the settlement adequately compensates for all losses and damages suffered.
Yes, in some cases, the full value that can be awarded may be limited by the insurance coverage available. If the responsible party has limited insurance coverage, it may impact the total compensation amount that can be obtained.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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