Definition of Estimate

A valuing or rating by the mind, without actually measuring, weighing, or the like. A rough or approximate calculation only. United States v. Foster, C.C.AJowa, 131 F.2d 3, 7. Act of appraising or valuing. Determination of approximate cost or return.

This word is used to express the mind or judgment of the speaker or writer on the particular subject under consideration. It implies a calculation or computation, as to estimate the gain or loss of an enterprise.

That's the definition of Estimate in Black's Law Dictionary 6th Edition. Courtesy of