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What (who) is peppercorn$58981$ - definition
VERY SMALL PAYMENT OFFERED AS CONSIDERATION TO SATISFY LEGAL REQUIREMENTS FOR A VALID CONTRACT
Peppercorn rent; Peppercorn rental; Peppercorn doctrine; Peppercorn lease; Peppercorn consideration; Peppercorn (legal)
peppercorn rent
(peppercorn rents)
A peppercorn rent is an extremely low rent. (BRIT)
N-COUNT
peppercorn rent
¦ noun Brit. a very low or nominal rent.
Origin
from the (formerly common) practice of stipulating the payment of a peppercorn as a nominal rent.
Peppercorn (legal)
In legal parlance, a peppercorn is a metaphor for a very small cash payment or other nominal consideration, used to satisfy the requirements for the creation of a legal contract. It is featured in Chappell & Co Ltd v Nestle Co Ltd ([1960] AC 87), which stated that "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".
Wikipedia
Peppercorn (law)
In legal parlance, a peppercorn is a metaphor for a very small cash payment or other nominal consideration, used to satisfy the requirements for the creation of a legal contract. It is featured in Chappell & Co Ltd v Nestle Co Ltd ([1960] AC 87), which stated that "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". However, the cited passage is mere dicta, and not the basis for the decision.
