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> Why not offer 1 million for the signed contract? Because they believed (erroneously or not) that they already had paid for the thing the contract was about,
by Karellen 4y ago
> Why not offer 1 million for the signed contract?
Because they believed (erroneously or not) that they already had paid for the thing the contract was about, and were offering a "peppercorn" payment for the signature itself to make the exchange complete.
https://en.wikipedia.org/wiki/Peppercorn_(law) https://en.wikipedia.org/wiki/Peppercorn_(law)
- salawat 4y ago...and people wonder why I think contract law is as damn close to a poson pill as you can have in something brazenly referred to as a justice system.
- djur 4y agoWhat's objectionable about this specific example of contract law? If the law didn't require contracts to have some consideration they would have offered $0. No real difference.