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What (who) is peppercorn rent - 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.
Examples of use of peppercorn rent
1. When the party was based at Smith Square it paid a peppercorn rent of 1 a year.
2. Now we‘ve got our own." The chocolate factory – which sends the occasional enticing waft across the site – lets the old garages for a peppercorn rent and ArtStrelka works as a collective.
3. Mr Saraki arranged for the farmers to lease more than 1,000 hectares each on a peppercorn rent for 25 years, with the option of a further 25–year renewal.
4. When we talk about the Hanley mosque, he first focuses on a claim that the land concerned, leased by the council for a "peppercorn rent", could be sold for a huge sum, and the fact that Friday prayers could allegedly bring untold parking problems.