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 of such a price; and in a declaration for taking dead chattels or those which never had life, it ought to lay them to be of such a value.
Law Dictionary – Alternative Legal Definition
The utility of an object in satisfying, directly or indirectly, the needs or desires of human beings, called by economists “value In use;” or its worth consisting in the power1 of purchasing other objects, called “value In exchange.” Also the estimated or appraised worth of any object of property, calculated in money. The term is also often used as an abbreviation for “valuable consideration,” especially ill the phrases “purchaser for value,” “holder for value,” etc. Value received. A phrase usually employd in a bill of exchange or promissory note, to denote that a consideration has been given for it.