The monetary worth or price of something. The amount of goods, services, or money that something will command in an exchange.
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How its tested
Common Examples
6
Deed In Lieu Satisfies Debt
Victoria Vernon conveyed her mortgaged home to Vaughn Valentine, the lender, via deed in lieu of foreclosure. The property's appraised value exactly matched the outstanding loan balance. The transfer discharged the mortgage without foreclosure proceedings.
Jury Trial Triggered By Amount
Viola Volkov sued Vincent Valdez in federal court for breach of a consulting contract. The damages sought totaled $45,000. Because the value in controversy exceeded twenty dollars, the Seventh Amendment preserved her right to a jury trial.
Evidence Concealment Prohibited
Vivid Media's counsel directed an employee to delete emails containing potential evidentiary value in an ongoing contract dispute. The lawyer knew the messages could support the opposing party's claims. This action violated the duty not to obstruct access to evidence.
Violet Vidal remained in leased retail space after her lease with Vitality Foods expired. No election was made to treat her as a tenant at sufferance. The landlord recovered rent measured by the reasonable value of the premises during the holdover period.
Premarital Agreement Without Exchange
Viktor Voronin and Vega Motors executive signed a premarital agreement allocating separate property rights. The document was in writing and executed by both parties. The agreement took effect even though no consideration changed hands.
Spousal Election Waiver Signed
Velocity Logistics founder and his spouse executed a written waiver of homestead and family allowance rights before marriage. The surviving spouse later sought to enforce the waiver after the founder's death. The agreement remained enforceable despite the absence of consideration.
4 common questions
Students Frequently Ask...
How does the reasonable value standard apply when a holdover tenant remains after lease termination?
The landlord or incoming tenant may recover rent at the prior rate or at a proven reasonable value if that amount differs. This measure applies during the holdover period unless the parties agree otherwise.
What amount triggers the Seventh Amendment jury trial right in federal court?
The right attaches in suits at common law where the value in controversy exceeds twenty dollars. Facts tried by a jury may be reexamined only according to common-law rules.
When is a premarital or marital agreement enforceable without any exchange of value?
The agreement must be in a signed record. Once those formalities are met, enforceability does not depend on consideration.
May a surviving spouse waive homestead and family allowance rights without receiving consideration?
Yes. The waiver is effective if made in a written agreement signed by the surviving spouse before or after marriage.
32 N.J. 358, 161 A.2d 69 (1960)
…and plaintiffs cross-appealed from the dismissal of their negligence claim. The matter was certified by this court prior to consideration in the Appellate Division. The facts are not complicated, but a general outline of them is necessary to an understanding of the case. On May 7, 1955 Mr. and Mrs. Henningsen visited the…