Economic Utility
/ˌiːkəˈnɒmɪk ˈjuːtɪləti/
Definitions
- (n.) The measure of satisfaction or value derived from goods or services, often relevant in legal contexts concerning contracts, property, and damages.
The court considered the economic utility of the land when awarding compensation.
Related terms
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Commentary
In legal drafting, specifying economic utility can clarify the basis for valuation or damages assessment, linking economic concepts to legal outcomes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.