What is ACTUAL COST? Definition of ACTUAL COST in Black's Law Dictionary
The actual price paid for goods by a party, in the case of a real bona fide purchase, and not the market value of the goods. Ogunquit Village Corporation v. Inhabitants of Wells, 123 Me. 207, 122 A. 522, 524.
"Actual cost" has no common-law significance, and it is without any well-understood trade or technical meaning. It is a general or descriptive term which may have varying meanings according to the circumstances in which it is used. It imports the exact sum expended or loss sustained rather than the average or proportional part of the cost. Its meaning may be restricted to overhead or extended to other items. State v. Northwest Poultry & Egg Co., 203 Minn. 438, 281 N.W. 753, 755.
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That's the definition of ACTUAL COST in Black's Law Dictionary - Courtesy of Cekhukum.com.
