Residual price – this term has got application in the Law of Contracts, where it details to the fair market price of the property, after the rental relations are over. It bears the amortization (i.e. result of normal usage) of the property during the rental period. Usually the residual price is lower than the property price, established at the beginning of the rent (of course if there have been no valuable improvements at the property). Somewhere known as “residual value”. The foundation of the term is the word “residue”, which refers to something left over, once something has been taken away. In terms of Inheritance Law this word details the assets left after debts are cleared and the specific assts have been gifted.