Definition of Value

The utility of an object in satisfying, directly or indirectly, the needs or desires of human beings, called by economists "value in use;" or its worth consisting in the power of purchasing other objecte, called "value in exchange." Also the estimated or appraised worth of any object of property, calculated in money. The term is also often used as an abbreviation for "valuable consideration," especially in the phrases "purchaser for value," "holder for value," etc.
—Value received. A phrase usually employed in a bill of exchange or promissory note, to denote that a consideration has been given for it.