What is APPRAISEMENT? Definition of APPRAISEMENT in Black's Law Dictionary
A just and true valuation of property. A valuation set upon property under judicial or legislative authority. Cocheco Mfg. Co. v. Strafford, 51 N.H. 482. A valuation or estimation of the value of property. Littlehead v. Sheppard, 123 Okl. 29, 251 P. 60, 62.
An "arbitration" presupposes a controversy or difference to be decided, and the arbitrators proceed in a judicial way. On the other hand, an appraisal or valuation is generally a mere auxiliary feature of a contract of sale, the purpose of which is not to adjudicate a controversy but to avoid one. Thompson v. Newman, 36 Cal.App. 248, 171 P. 982, 983.
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