functional obsolescence
functional obsolescence see obsolescence

Merriam-Webster’s Dictionary of Law. . 1996.

Look at other dictionaries:

  • Functional Obsolescence — A reduction in the usefulness or desirability of an object because of an outdated design feature, usually one that cannot be easily changed. The term is commonly used in real estate, but has a wide application. An original house in an older part… …   Investment dictionary

  • functional obsolescence — The need for replacement because a structure or equipment has become inefficient or out moded because of improvements developed since its original construction or production. The loss of value due to inherent deficiencies within the property.… …   Black's law dictionary

  • functional obsolescence — The need for replacement because a structure or equipment has become inefficient or out moded because of improvements developed since its original construction or production. The loss of value due to inherent deficiencies within the property.… …   Black's law dictionary

  • Obsolescence — Obsolete redirects here. For the album by Fear Factory, see Obsolete (album). Obsolescence is the state of being which occurs when an object, service or practice is no longer wanted even though it may still be in good working order. Obsolescence… …   Wikipedia

  • obsolescence — Condition or process of falling into disuse. The diminution in value of property caused by changes in technology, public taste, and new inventions rendering the property less desirable on the market. A decline in market value of an asset caused… …   Black's law dictionary

  • functional depreciation — Such results from necessary replacement of equipment before it is worn out, by reason of invention and improved machinery, equipment, etc. which render more efficient and satisfactory service. See functional obsolescence …   Black's law dictionary

  • functional depreciation — Such results from necessary replacement of equipment before it is worn out, by reason of invention and improved machinery, equipment, etc. which render more efficient and satisfactory service. See functional obsolescence …   Black's law dictionary

  • obsolescence — A condition resulting from unforeseen changes in the art, which make the installation of new apparatus necessary. 43 Am J1st Pub Util § 145. The condition of a thing which has passed out of general use, is outmoded, and out of fashion. Re Stout,… …   Ballentine's law dictionary

  • Planned obsolescence — The Centennial Light in the Livermore, California Firehouse is often cited as evidence for the existence of planned obsolescence in later produced light bulbs.[1] Planned obsolescence or built in obsolescence[2] …   Wikipedia

  • economic obsolescence — Loss of desirability and useful life of property due to economic developments (e.g. deterioration of neighborhood or zoning change) rather than deterioration (functional obsolescence). Term as used with respect to valuation of property for… …   Black's law dictionary

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