As to your legal question you need to check your state and local laws.
For quality, how high are your standards? What do you expect for performance, fit and finish, and durability from a knife?
The higher your standards are,the higher the price.
You can find knives that will give you value for your money in every price range.
I have,and carry often,a $32 mass produced fixed blade that will do anything I need it to do.
I also have, and carry often, custom fixed blades that cost several times that. They also will do anything I need them to do.
But as has been said prior, my customs have more soul. They were made for me by hand,by one man, to my order. To me that quality is worth the extra cash.