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What is requiring a peppercorn? Google wasn't of much help
by TheBiv 12y ago
What is requiring a peppercorn? Google wasn't of much help
- nols 12y agoA peppercorn is a tiny payment to provide consideration between the two parties. In common law both sides of the contract need to benefit somehow, so you can't have one party work or sell something for free. A peppercorn is a dollar or a pound to satisfy the requirement that both sides benefit (however tiny). So you'll have people who want to work for free getting hired for a dollar, or people selling a house for a dollar to their cousin.
- cperciva 12y agoA peppercorn is the dried fruit of the black pepper; it's what you grind up to produce ground black pepper. Or in the legal sense, it's an item of token value.