PEPPERCORN

Peppercorn

A peppercorn in legal parlance is a metaphor for a very small payment, a nominal consideration, used to satisfy the requirements for the creation of a legal contract. "A peppercorn does not cease to be good consideration if it is established that the promisee does not like pepper and will throw away the corn", says Chappell v Nestlé . As an example of literal usage, a peppercorn has been used for almost 200 years as consideration for leasing a particular meeting house in Bermuda.

The above text is a snippet from Wikipedia: Peppercorn (legal)
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peppercorn

Noun

  1. The seeds of the plant Piper nigrum. Commonly used as a spice, usually but not always ground or crushed.
  2. A small, insignificant quantity; a nominal consideration used to satisfy the requirements for the creation of a legal contract.
    peppercorn rent


The above text is a snippet from Wiktionary: peppercorn
and as such is available under the Creative Commons Attribution/Share-Alike License.

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