valuable

Legal TerminologyLegal glossary term

Legal Definition

In a legal context, 'valuable' refers to an asset or consideration that has significant worth, often being the subject of a claim or contract. It denotes something of high worth, typically in monetary terms, which is crucial when determining the financial basis of a legal dispute or agreement.

Plain-English Translation

Imagine something that is worth a lot of money or importance in a legal case. If something is 'valuable,' it means it has real worth that matters in the contract or lawsuit.

Context in Contracts

It is essential because it establishes the financial foundation of a claim, determines the scope of damages sought in litigation, or defines the economic reality of an agreement between parties.

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01

A property appraised at a high market price in a legal dispute.

02

The consideration paid by one party to another in a contract.

Document context

How valuable shows up in legal documents

What is it?

A quantity, asset, or consideration that possesses significant monetary worth, often serving as a basis for claims, damages, or contractual obligations within a legal proceeding.

Why does it matter?

It is essential because it establishes the financial foundation of a claim, determines the scope of damages sought in litigation, or defines the economic reality of an agreement between parties.

When does it matter?

When discussing the valuation of property, assets, intellectual property, or contractual consideration within a legal dispute or formal agreement.

Where is it usually seen?

In legal documents such as pleadings, settlement agreements, contract clauses defining the scope of obligations, and judicial rulings where monetary worth is assessed.

Who is affected?

Parties in a lawsuit, claimants seeking compensation, or parties in a transaction who are assessing the financial benefit derived from an asset or agreement.

How does it work?

It functions by being quantified to determine the economic reality of a claim. For instance, if a contract states that a specific asset is 'valuable,' it sets the baseline for the monetary recovery.

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Wikipedia

Major League Baseball Most Valuable Player Award

Major League Baseball Most Valuable Player Award

The Major League Baseball Most Valuable Player Award (MVP) is an annual Major League Baseball (MLB) award given to one outstanding player in the American League (AL) and one in the National League (NL). The award has been presented by the Baseball Writers'...

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Disclaimer: We do not provide legal advice. We translate legal language into plain English and help you prepare for a conversation with a lawyer.