- The price for which an article is bought and sold in the ordinary course of business. 22 Am J2d Damg § 146. The price which would be agreed upon at a voluntary sale between an owner willing to sell and a purchaser willing to buy. 27 Am J2d Em D § 267. Of real estate:–the highest price obtainable in the open market for cash. Anno: 48 ALR 71, s. 68 ALR 152. The resultant of the prediction of many minds as to the usability of real property and probably financial returns from that use, projected into the future as far as reasonable, intelligent men can foresee the future. Palmer v Connecticut R. & Lighting Co. 311 US 544, 85 L Ed 336, 61 S Ct 379, reh den 312 US 713, 85 L Ed 1143, 61 S Ct 609. In condemnation proceedings, the fair market value. 27 Am J2d Em D § 267. As a standard of valuation for inheritance tax:–fair market price; cash value; actual value. Anno: 57 ALR 1158, s. 83 ALR 939 and 117 ALR 143. In order for it to be said that a thing has a market value, it is necessary that there shall be a market for such commodity-that is, a demand therefor and an ability from such demand to sell the same when a sale thereof is desired. 22 Am J2d Damg § 146. The courts have recognized the lack of correlation between "market value" and "book value" of corporate stock. Anno: 51 ALR2d 612. See clear market value; market price.
Ballentine's law dictionary. Anderson, W.S.. 1998.
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