If the Award Requested in an Action Is a Sum

question 6

Multiple Choice

If the award requested in an action is a sum certain and the defendant is neither a minor nor incompetent, judgment shall be entered by the

• A) clerk.
• B) judge.
• C) plaintiff.
• D) defendant.

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Definitions:

Appraised Value

An estimation of the fair market value of an asset or property, typically determined by a professional appraiser.

Boot

Additional value or cash that balances the value of the assets being traded in a barter or exchange transaction.

Fair Market Value

Fair Market Value is the estimated price at which an asset would change hands between a willing buyer and seller, neither being under compulsion to buy or sell and both having reasonable knowledge of the relevant facts.

Book Value

The value of an asset according to its balance sheet account balance, calculated by subtracting accumulated depreciation from the asset's original cost.