1. Any transaction in which the two parties are unconnected and have no overt common interests. Such a transaction most often reflects the true or fair market value of a property.
2. Completion of a sales contract between a seller who is willing but not compelled to sell and a buyer who is willing but not compelled to buy, both parties being fully informed of all the purposes to which the property is best adapted and is capable of being used, under normal conditions on the open market.