V

common law. This term has two different meanings. It sometimes expresses the utility of an object, and some times the power of purchasing other good with it. The first may be called value in use, the latter value in exchange. 2. Value differs from price. The latter is applied to live cattle and animals; in a declaration, therefore, for taking cattle, they ought to be said to be … [Read more...] about VALUE

In old English law. The proving by the kindred of the slain, one on the father's side, and another on that of the mother, that a man was a Welshman. Wharton. VALET was anciently a name denoting young gentlemen of rank and family, but afterwards applied to those of lower degree, and is now used for a menial servant, more particularly occupied about the person of his employer. … [Read more...] about VALESHERIA

This phrase is usually employed in a bill of exchange or promissory note, to denote that a consideration has been given for it. 2. The expression value received, when put in a bill of exchange, will bear two interpretations: the drawer of the bill may be presumed to acknowledge the fact that he has received value of the payee; or when the bill has been made payable to the order … [Read more...] about VALUE RECEIVED

An act, deed, will, and the like, which has received all the formalities required by law, is said to be valid or good in law. … [Read more...] about VALI

A valued policy is one where the value has been set on the ship or goods insured, and this value has been inserted in the policy in the nature of liquidated damages, to save the necessity of proving it in case of loss. … [Read more...] about VALUED POLICY