earticle

영어

The concept of just compensation from federal constitution or State constitution of the United States was not established accurately. The interpretation and the concept of just compensation depended on judicial precedent and theory of the court of justice.
Today the principle was established in the United States since the concept of fair market value started to be used as standard of the just compensation in the Judicial precedent for the case of Monongahela Navigation Co. v. United States in 1893.
Fair market value is recognized by the federal Supreme Court and each State court of justice as the bargain price that the willing seller who is not exacted a disposal will pay for the willing buyer who is not exacted to buying. Even though fair market value is not the only standard for just
compensation, the court of justice has applied and interpreted it as the standard of just compensation. This article observes the fair market value recognized by the court of justice and the things which are included and excluded in the fair market value for the just compensation through the leading case. And this article also considers the proper compensation standard of a land property right and issue related with that.