The amount paid for damage to property which is equal to the price for which it could have been sold is referred to as what?

The concept referred to in the question is known as market value. Market value represents the price at which a property would sell in the current market conditions, accounting for factors like its location, condition, and other relevant elements. This term is often used in real estate and insurance contexts to assess the worth of a property based on recent sales of comparable properties in the same area.

Market value is distinct from other related terms such as replacement cost, which focuses on the cost of replacing the item with a similar one, or actual cash value, which usually reflects the depreciated value of the property at the time of loss. Compensatory damages, on the other hand, refer to a monetary award given to reimburse for loss or injury, but it is not specifically tied to market transactions.

In this context, market value is the most accurate term because it directly refers to the price at which the property could be exchanged in the marketplace, reflecting the current demand and supply dynamics.