Pretium

or PRECIUM (Lat. price; value).

In the civil law. The price of a thing sold, which properly consisted in counted money; pretium in numerata pecunia consistere debet. Inst. 3. 24. 2. Pretium constitui oportet, nam nulla emptio sine pretio esse potest, the price ought to be fixed for there can be no purchase without a price. Id.; Dig. 18. 1. 2; 2 Kent, Comm. 477. fancy of the owner in his affection for it, or for the person from whom he obtained it. Bell, Diet.

Lat. Price; cost; value; the price of an article sold.

— Pretium affectionis. An imaginary value put upon a thing by the fancy of the owner, and growing out of his attachment for the specific article, its associations, his sentiment for the donor, etc. Bell; The H. F. Dimock, 77 Fed. 233, 23 C. C. A. 123.

— Pretium periculi. The price of the risk, e. g., the premium paid on a policy of insurance; also the inteiest paid on money advanced on bottomry or respondentia.

— Pretium sepulchri. A mortuary, (g. vt)

precium, I. Price; value. i In the civil law. The price of a thing sold, which properly consisted in counted money. Pretium affectionis: the price of affection; a price or,value exceeding the jusf value and growing out of the affection of the owner for the thing sold. Pretium constitui oportet, nam nulla emptio sine pretio esse potest: the price ought to be fixed, for there can be no purchase without a prica Pretium succedit in locum rei: the price succeeds in place of the thing [sold].

Price; value. Pretium affectionis. Price from affection; value bestowed on account of association or endearment. As, regard for a house as an inheritance or a home, for a jewel as a present, for a picture as an heirloom. Unless expressly provided for, this extrinsic value is not recoverable under a contract of insurance. When, if ever, the law affords no adequate remedy for withholding an article thus enhanced, equity will grant relief by ordering a delivery to the owner." Pretium periculi. Price of the risk. Payment in consideration of which a risk is assumed; in particular, the risk in a contract of insurance. Compare Praemium; Premium.

I. Price; cost; value; reward. (the price of affection): a fancy price. Pretium muneration for risk. Pretium succedit in succeeds in place of the thing [sold].

Price. In the civil law, it signified the price of a thing sold, and properly consisted in counted money. Pretium affeotionis. The price of affection. A price or value placed upon a thing or estate by the owner, beyond the just value, on account of his affection for it. Pretium periculi. The price of the risk; the payment in consideration of which the risk is undertaken. Such is the premium paid on a policy of insurance, either on a life or against fire, which varies in amount according to the nature of the risk. So, also, the interest paid in money advanced on bottomry or respondentia partakes more of the character of a pretium periculi, or premium, than mere interest for the loan of money, because, if the ship on which it is advanced is lost, the lender loses his right to claim the capital sum lent. Trayn. Max. Pretium succedit in locum rei. The price succeeds in place of the thing; i.e., of the subject-matter sold.