A 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

A 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.