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1) A meaningless phrase that English teachers like to throw around to prevent students from doing book reports on anything worth reading.

2) A phrase that means that something is worthless, meaningless, or a lie.
1) "Of course you can't read Harry Potter for your book report, it has absolutely no literary value."

2) "She told me she's never had sex before."
"Dude, that's got no literary value."
by M4d_Baumer February 07, 2010
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