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title="Consideration">Consideration</a><sup><small>1,4</small></sup></li> <li><a href="/wiki/Implied-in-fact_contract" title="Implied-in-fact contract">Implication-in-fact</a></li> <li><a href="/wiki/Collateral_contract" title="Collateral contract">Collateral contract</a></li></ul></td> </tr><tr><th class="sidebar-heading"> <a href="/wiki/Defense_(legal)" title="Defense (legal)">Defences</a></th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Misrepresentation" title="Misrepresentation">Misrepresentation</a></li> <li><a href="/wiki/Mistake_(contract_law)" title="Mistake (contract law)">Mistake</a></li> <li><a href="/wiki/Duress_(contract_law)" class="mw-redirect" title="Duress (contract law)">Threats</a> and <a href="/wiki/Undue_influence" title="Undue influence">unequal bargaining power</a></li> <li><a href="/wiki/Illegal_agreement" title="Illegal agreement">Illegality</a> and <a href="/wiki/Public_policy_doctrine" title="Public policy doctrine">public policy</a> <ul><li><a href="/wiki/Unconscionability" title="Unconscionability">Unconscionability</a></li></ul></li> <li><i><a href="/wiki/Culpa_in_contrahendo" title="Culpa in contrahendo">Culpa in contrahendo</a></i><sup><small>2</small></sup></li> <li><a href="/wiki/Force_majeure" title="Force majeure">Force majeure</a> <ul><li><a href="/wiki/Frustration_of_purpose" title="Frustration of purpose">Frustration of purpose</a></li> <li><a href="/wiki/Impossibility_of_performance" title="Impossibility of performance">Impossibility</a></li> <li><a href="/wiki/Impracticability" title="Impracticability">Impracticability</a></li></ul></li> <li><a href="/wiki/Contract#Hardship" title="Contract">Hardship</a></li> <li><a href="/wiki/Set-off_(law)" title="Set-off (law)">Set-off</a></li> <li><a href="/wiki/Illusory_promise" title="Illusory promise">Illusory promise</a><sup><small>1</small></sup></li> <li><a href="/wiki/Statute_of_frauds" title="Statute of frauds">Statute of frauds</a><sup><small>1</small></sup></li> <li><i><a href="/wiki/Non_est_factum" title="Non est factum">Non est factum</a></i><sup><small>1</small></sup></li> <li><a href="/wiki/Clean_hands" title="Clean hands">Unclean hands</a><sup><small>1</small></sup></li> <li><a href="/wiki/Accord_and_satisfaction" title="Accord and satisfaction">Accord and satisfaction</a><sup><small>1</small></sup></li> <li><a href="/wiki/Exculpatory_clause" title="Exculpatory clause">Exculpatory clause</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Interpretation</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Parol_evidence_rule" title="Parol evidence rule">Parol evidence</a><sup><small>3</small></sup></li> <li><a href="/wiki/Standard_form_contract" title="Standard form contract">Contract of adhesion</a></li> <li><a href="/wiki/Integration_clause" title="Integration clause">Integration clause</a></li> <li><i><a href="/wiki/Contra_proferentem" title="Contra proferentem">Contra proferentem</a></i></li> <li><a href="/wiki/Principles_of_International_Commercial_Contracts" title="Principles of International Commercial Contracts">UNIDROIT Principles</a></li></ul></td> </tr><tr><th class="sidebar-heading"> <a href="/wiki/Dispute_resolution" title="Dispute resolution">Dispute resolution</a></th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Choice_of_law_clause" title="Choice of law clause">Choice of law clause</a></li> <li><a href="/wiki/Forum_selection_clause" title="Forum selection clause">Forum selection clause</a> <ul><li><a href="/wiki/Hague_Choice_of_Court_Convention" title="Hague Choice of Court Convention">Hague Choice of Court Convention</a></li></ul></li> <li><a href="/wiki/Arbitration" title="Arbitration">Arbitration</a> <ul><li><a href="/wiki/Convention_on_the_Recognition_and_Enforcement_of_Foreign_Arbitral_Awards" title="Convention on the Recognition and Enforcement of Foreign Arbitral Awards">New York Convention</a></li> <li><a href="/wiki/UNCITRAL_Model_Law_on_International_Commercial_Arbitration" title="UNCITRAL Model Law on International Commercial Arbitration">UNCITRAL Model Law</a></li></ul></li> <li><a href="/wiki/Mediation" title="Mediation">Mediation</a> <ul><li><a href="/wiki/Singapore_Mediation_Convention" title="Singapore Mediation Convention">Singapore Mediation Convention</a></li></ul></li> <li><a href="/wiki/Enforcement_of_foreign_judgments" title="Enforcement of foreign judgments">Enforcement of foreign judgments</a> <ul><li><a href="/wiki/Hague_Judgments_Convention" title="Hague Judgments Convention">Hague Judgments Convention</a></li></ul></li></ul></td> </tr><tr><th class="sidebar-heading"> Rights of third parties</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Privity_of_contract" title="Privity of contract">Privity of contract</a><sup><small>1</small></sup></li> <li><a href="/wiki/Assignment_(law)" title="Assignment (law)">Assignment</a></li> <li><a href="/wiki/Delegation_(law)" title="Delegation (law)">Delegation</a></li> <li><a href="/wiki/Novation" title="Novation">Novation</a></li> <li><a href="/wiki/Third-party_beneficiary" title="Third-party beneficiary">Third-party beneficiary</a></li></ul></td> </tr><tr><th class="sidebar-heading"> <a href="/wiki/Breach_of_contract" title="Breach of contract">Breach of contract</a></th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Anticipatory_repudiation" title="Anticipatory repudiation">Anticipatory repudiation</a></li> <li><a href="/wiki/Cover_(law)" title="Cover (law)">Cover</a></li> <li><a href="/wiki/Exclusion_clause" title="Exclusion clause">Exclusion clause</a></li> <li><a href="/wiki/Efficient_breach" title="Efficient breach">Efficient breach</a></li> <li><a href="/wiki/Deviation_(law)" title="Deviation (law)">Deviation</a></li> <li><a href="/wiki/Fundamental_breach" title="Fundamental breach">Fundamental breach</a></li></ul></td> </tr><tr><th class="sidebar-heading"> <a href="/wiki/Legal_remedy" title="Legal remedy">Remedies</a></th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Specific_performance" title="Specific performance">Specific performance</a><sup><small>3</small></sup></li> <li><a href="/wiki/Damages" title="Damages">Money damages</a> <ul><li><a href="/wiki/Liquidated_damages" title="Liquidated damages">Liquidated, stipulated</a>, or <a href="/wiki/Penal_damages" title="Penal damages">penal damages</a><sup><small>3</small></sup></li></ul></li> <li><a href="/wiki/Rescission_(contract_law)" title="Rescission (contract law)">Rescission</a></li></ul></td> </tr><tr><th class="sidebar-heading"> <a href="/wiki/Quasi-contract" title="Quasi-contract">Quasi-contractual obligations</a></th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Estoppel" title="Estoppel">Promissory estoppel</a><sup><small>1</small></sup></li> <li><i><a href="/wiki/Quantum_meruit" title="Quantum meruit">Quantum meruit</a></i><sup><small>1</small></sup></li> <li><a href="/wiki/Unjust_enrichment" class="mw-redirect" title="Unjust enrichment">Unjust enrichment</a></li> <li><a href="/wiki/Restitution" class="mw-redirect" title="Restitution">Restitution</a></li> <li><i><a href="/wiki/Negotiorum_gestio" title="Negotiorum gestio">Negotiorum gestio</a></i><sup><small>2</small></sup></li></ul></td> </tr><tr><th class="sidebar-heading"> Duties of parties</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Canadian_contract_law#Duty_of_honest_contractual_performance" title="Canadian contract law">Duty of honest contractual performance</a> (or doctrine of abuse of rights)<sup><small>6</small></sup></li> <li><a href="/wiki/Good_faith_(law)" title="Good faith (law)">Duty of good faith</a> (also implied covenant of good faith and fair dealing or duty to negotiate in good faith)<sup><small>7</small></sup> <ul><li><a href="/wiki/Contract_A_and_Contract_B_in_Canadian_contract_law" title="Contract A and Contract B in Canadian contract law">Contract A and Contract B in Canadian contract law</a><sup><small>6</small></sup></li></ul></li></ul></td> </tr><tr><th class="sidebar-heading"> Related areas of law</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Conflict_of_contract_laws" title="Conflict of contract laws">Conflict of laws</a></li> <li><a href="/wiki/Commercial_law" title="Commercial law">Commercial law</a></li></ul></td> </tr><tr><th class="sidebar-heading"> By jurisdiction</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Australian_contract_law" title="Australian contract law">Australia</a></li> <li><a href="/wiki/Canadian_contract_law" title="Canadian contract law">Canada</a></li> <li><a href="/wiki/Contract_Law_of_the_People%27s_Republic_of_China" title="Contract Law of the People's Republic of China">China (mainland)</a></li> <li><a href="/w/index.php?title=Irish_contract_law&action=edit&redlink=1" class="new" title="Irish contract law (page does not exist)">Ireland</a></li> <li><a href="/wiki/Indian_Contract_Act,_1872" title="Indian Contract Act, 1872">India</a></li> <li><a href="/wiki/Contract_law_in_Saudi_Arabia" title="Contract law in Saudi Arabia">Saudi Arabia</a></li> <li>United Kingdom <ul><li><a href="/wiki/English_contract_law" title="English contract law">England and Wales</a></li> <li><a href="/wiki/Scots_contract_law" title="Scots contract law">Scotland</a></li></ul></li> <li><a href="/wiki/United_States_contract_law" title="United States contract law">United States</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Other <a href="/wiki/Law" title="Law">law</a> areas</th></tr><tr><td class="sidebar-content"> <ul><li><a href="/wiki/Tort" title="Tort">Tort law</a></li> <li><a href="/wiki/Property_law" title="Property law">Property law</a></li> <li><a href="/wiki/Will_and_testament" title="Will and testament">Wills</a>, <a href="/wiki/Trust_law" class="mw-redirect" title="Trust law">trusts</a>, and <a href="/wiki/Estate_(law)" title="Estate (law)">estates</a></li> <li><a href="/wiki/Criminal_law" title="Criminal law">Criminal law</a></li> <li><a href="/wiki/Evidence_(law)" title="Evidence (law)">Evidence</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Notes</th></tr><tr><td class="sidebar-content"> <div class="hlist"> <ul><li>1 Specific to <a href="/wiki/Common_law" title="Common law">common law</a> jurisdictions</li> <li>2 Specific to civil and mixed law jurisdictions</li> <li>3 Historically restricted in common law jurisdictions but generally accepted elsewhere; availability varies between contemporary common law jurisdictions</li> <li>4 Specific to the German <a href="/wiki/B%C3%BCrgerliches_Gesetzbuch" title="Bürgerliches Gesetzbuch">Bürgerliches Gesetzbuch</a> and other civil codes based on the <a href="/wiki/Pandectist" class="mw-redirect" title="Pandectist">pandectist</a> tradition</li> <li>5 Explicitly rejected by the <a href="/wiki/Principles_of_International_Commercial_Contracts" title="Principles of International Commercial Contracts">UNIDROIT Principles</a> of International Commercial Contracts</li> <li>6 Specific to <a href="/wiki/Canadian_contract_law" title="Canadian contract law">Canadian contract law</a> both in Québec and in the country's common law provinces</li> <li>7 Specific to civil law jurisdictions, the American <a href="/wiki/Uniform_Commercial_Code" title="Uniform Commercial Code">Uniform Commercial Code</a>, and Canadian jurisprudence in both Québec and the common law provinces pertaining to <a href="/wiki/Canadian_contract_law#Duty_to_negotiate_in_good_faith" title="Canadian contract law">contractual and pre-contractual negotiation</a></li></ul> </div></td> </tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Contract_law" title="Template:Contract law"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Contract_law" title="Template talk:Contract law"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Contract_law" title="Special:EditPage/Template:Contract law"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>In legal parlance, a <b>peppercorn</b> is a <a href="/wiki/Metaphor" title="Metaphor">metaphor</a> for a very small cash payment or other <a href="/wiki/Consideration#Nominal_consideration" title="Consideration">nominal consideration</a>, used to satisfy the requirements for the creation of a legal <a href="/wiki/Contract" title="Contract">contract</a>. It is featured in <i><a href="/wiki/Chappell_%26_Co_Ltd_v_Nestle_Co_Ltd" title="Chappell & Co Ltd v Nestle Co Ltd">Chappell & Co Ltd v Nestle Co Ltd</a></i> ([1960] AC 87), an important <a href="/wiki/English_contract_law" title="English contract law">English contract law</a> case where the House of Lords stated that "a peppercorn does not cease to be good <a href="/wiki/Consideration" title="Consideration">consideration</a> if it is established that the promisee does not like pepper and will throw away the corn".<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> However, the cited passage is mere dicta, and not the basis for the decision. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Function_in_contract_law">Function in contract law</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Peppercorn_(law)&action=edit&section=1" title="Edit section: Function in contract law"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>In <a href="/wiki/English_law" title="English law">English law</a>, and other countries with similar <a href="/wiki/Common_law" title="Common law">common law</a> systems, a binding legal contract requires that each party must provide <a href="/wiki/Consideration" title="Consideration">consideration</a>. In other words, each party will give something of value to the other party for the contract to be considered binding.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> The situation is different under contracts within <a href="/wiki/Civil_law_(legal_system)" title="Civil law (legal system)">civil law</a> jurisdictions because such nominal consideration can be categorised as a disguised gift.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> The remainder of this section is a U.S. perception, not English. </p><p>However, courts will not generally inquire into the adequacy or relative value of the consideration provided by each party.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> So, if a contract calls for one party to give up something of great value, while the other party gives up something of much lesser value, then it will generally still be considered a valid contract, even though the exchange of value greatly favors one side. Courts, however, will reject "consideration" that was not truly bargained for. For example, in the 1904 case <i>Fischer v. Union Trust Co.</i>, the <a href="/wiki/Michigan_Supreme_Court" title="Michigan Supreme Court">Michigan Supreme Court</a> held that the one dollar paid for the sale of real property did not constitute valuable consideration since the transaction had not been bargained for—a dollar was handed to a mentally <a href="/wiki/Competence_(law)" title="Competence (law)">incompetent</a> "buyer" who then dutifully handed it to the "seller". The dollar was not considered real consideration, not because the dollar was too small an amount, but because it did not induce the seller to part with the property. Such promises that are motivated by love and affection are insufficient to constitute consideration.<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </p><p>So, in order for an essentially one-sided contract (such as a gift) to still be valid and binding, the contract will generally be written so that one side gives up something of value, while the other side gives a token sum—one pound, dollar, or literally one peppercorn. Peppercorn payments are sometimes used when selling a struggling company whose <a href="/wiki/Net_worth" title="Net worth">net worth</a> may be negative. If some party agrees to take it over and assume its <a href="/wiki/Liability_(financial_accounting)" title="Liability (financial accounting)">liabilities</a> as well as its <a href="/wiki/Assets" class="mw-redirect" title="Assets">assets</a>, the seller may actually agree to make a large payment to the buyer. But the buyer must still make some payment, however small, for the company in order to establish that both sides have given consideration.<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="Concealing_the_value_of_consideration">Concealing the value of consideration</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Peppercorn_(law)&action=edit&section=2" title="Edit section: Concealing the value of consideration"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A peppercorn is also used in more balanced contracts, where one side wishes to conceal the nature of their payment. For example, since real estate contracts are generally matters of <a href="/wiki/Public_record" class="mw-redirect" title="Public record">public record</a>, the purchaser of a house may not wish to list the exact amount of the payment on the contract. But there must be <i>some</i> specific payment listed in the contract, or the contract will be considered void for lack of consideration. So the contract may be written to reflect that the house is being sold in return for "ten dollars and other good and valuable consideration". The ten dollars is the "peppercorn" that provides concrete consideration and ensures that the contract is valid, while the actual amount paid for the house is hidden and referred to only as the "other good and valuable consideration".<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading3"><h3 id="In_leases_for_real_property">In leases for real property</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Peppercorn_(law)&action=edit&section=3" title="Edit section: In leases for real property"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Another common example is the English practice of "peppercorn rent", the nominal rental sum for property, land or buildings. Where a rental contract is put in place and the owner of the property wishes it to be rent-free, it is normal to charge a small sum as "peppercorn rent", because if the owner wants to <a href="/wiki/Lease" title="Lease">lease</a> the property, he must charge some rent so that <a href="/wiki/Consideration_in_English_law" title="Consideration in English law">consideration</a> exists for both parties. Furthermore, a peppercorn rent is often used as a form of nominal <a href="/wiki/Ground_rent" title="Ground rent">ground rent</a> where a (potentially substantial) premium has also been paid on commencement of a long lease of, say, 99 or 125 years (a "virtual freehold").<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> The notional collection of the annual peppercorn rent helps to maintain a formal <a href="/wiki/Landlord%E2%80%93tenant_law" title="Landlord–tenant law">landlord–tenant relationship</a> between the two parties, precluding the risk of a claim for <a href="/wiki/Adverse_possession" title="Adverse possession">adverse possession</a> from the tenant arising, were no consideration to be paid for an extended period.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>A peppercorn rent is sometimes denominated in whimsical physical goods rather than currency. For example, many of the buildings in London's Covent Garden are leased at a rent of "one red apple and a posy of flowers",<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> the <a href="/wiki/National_Coastwatch_Institution" title="National Coastwatch Institution">National Coastwatch</a> station at St Albans Head occupies buildings owned by the Encombe Estate in exchange for "one crab per annum if demanded"<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> while the <a href="/wiki/Isles_of_Scilly_Wildlife_Trust" title="Isles of Scilly Wildlife Trust">Isles of Scilly Wildlife Trust</a> leases untenanted land on the <a href="/wiki/Isles_of_Scilly" title="Isles of Scilly">Isles of Scilly</a> from the <a href="/wiki/Duchy_of_Cornwall" title="Duchy of Cornwall">Duchy of Cornwall</a> for one <a href="/wiki/Daffodil" class="mw-redirect" title="Daffodil">daffodil</a> per year.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>In response to the <a href="/wiki/Ground_rent#Ground_rent_scandal" title="Ground rent">ground rent scandal</a> of the 2010s, the <a href="/wiki/Leasehold_Reform_(Ground_Rent)_Act_2022" title="Leasehold Reform (Ground Rent) Act 2022">Leasehold Reform (Ground Rent) Act 2022</a> defines a peppercorn rent for the first time in English law as an annual rent of one actual <a href="/wiki/Peppercorn" class="mw-redirect" title="Peppercorn">peppercorn</a> and limits ground rent on most new residential long leases to that amount. Besides there being no obligation for a landlord to actually levy the rent, the law also bans landlords from charging any administrative fee for collecting a peppercorn rent.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Transactions_and_traditions_involving_peppercorns">Transactions and traditions involving peppercorns</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Peppercorn_(law)&action=edit&section=4" title="Edit section: Transactions and traditions involving peppercorns"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The <a href="/wiki/Freemasonry" title="Freemasonry">Masonic Lodge</a> of <a href="/wiki/St._George%27s,_Bermuda" title="St. George's, Bermuda">St. George's</a>, <a href="/wiki/Bermuda" title="Bermuda">Bermuda</a>, rents the <a href="/wiki/State_House,_Bermuda" title="State House, Bermuda">Old State House</a> as its lodge for the annual sum of a single <a href="/wiki/Peppercorn" class="mw-redirect" title="Peppercorn">peppercorn</a>, presented to the <a href="/wiki/Governor_of_Bermuda" title="Governor of Bermuda">Governor of Bermuda</a> on a velvet cushion atop a silver platter, in an annual ceremony performed since 1816 on or about 23 April.<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>The Sevenoaks Vine Cricket Club in <a href="/wiki/Sevenoaks,_England" class="mw-redirect" title="Sevenoaks, England">Sevenoaks</a>, <a href="/wiki/England" title="England">England</a>, rents the <a href="/wiki/Vine_Cricket_Ground" title="Vine Cricket Ground">Vine Cricket Ground</a> from Sevenoaks Town Council at a yearly rent of one peppercorn. It is many years since the club paid only one peppercorn for the rent of the pavilion. The council, in return, gives a new <a href="/wiki/Cricket_ball" title="Cricket ball">cricket ball</a> to <a href="/wiki/Baron_Sackville" title="Baron Sackville">Baron Sackville</a> every year if requested.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/University_of_Bath" title="University of Bath">University of Bath</a>'s main campus is on a 999-year lease from the then Bath City Council. Each year a peppercorn is presented by the Treasurer of the University to the Chairman of the <a href="/wiki/Bath_and_North_East_Somerset" title="Bath and North East Somerset">Bath and North East Somerset</a> Council as rent (but also to further the relationships between "<a href="/wiki/Town_and_gown" title="Town and gown">town and gown</a>").<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p><p>The <a href="/wiki/Australian_National_University" title="Australian National University">Australian National University</a> Law Students' Society (ANU LSS) has a magazine called <i>Peppercorn Magazine</i>, which was founded in the 1969. In August 2023, the ANU LSS launched the 'Peppercorn Pedestal', featuring a dried black peppercorn on a small velvet pillow in celebration of the various student traditions involving peppercorns at the <a href="/wiki/ANU_College_of_Law" title="ANU College of Law">ANU College of Law</a>. <sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Peppercorn_(law)&action=edit&section=5" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/One-dollar_salary" title="One-dollar salary">One-dollar salary</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Peppercorn_(law)&action=edit&section=6" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.pbs.org/standarddeviantstv/transcript_business.html#pepper">"Standard Deviants: All About Business Law"</a>. <i>PBS</i><span class="reference-accessdate">. Retrieved <span class="nowrap">19 March</span> 2015</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=PBS&rft.atitle=Standard+Deviants%3A+All+About+Business+Law&rft_id=https%3A%2F%2Fwww.pbs.org%2Fstandarddeviantstv%2Ftranscript_business.html%23pepper&rfr_id=info%3Asid%2Fen.wikipedia.org%3APeppercorn+%28law%29" class="Z3988"></span></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://news.bbc.co.uk/1/hi/magazine/5262616.stm">"How does a company cost £1?"</a>. <i>BBC News Magazine</i>. 21 August 2006.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=BBC+News+Magazine&rft.atitle=How+does+a+company+cost+%C2%A31%3F&rft.date=2006-08-21&rft_id=http%3A%2F%2Fnews.bbc.co.uk%2F1%2Fhi%2Fmagazine%2F5262616.stm&rfr_id=info%3Asid%2Fen.wikipedia.org%3APeppercorn+%28law%29" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRapaljeLawrence1997" class="citation book cs1">Rapalje, Stewart; Lawrence, Robert L. (1997). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=qg83MNT4WB4C&q=consideration+english+law&pg=PA268">"Consideration"</a>. <i>A Dictionary of American and English Law: With Definitions of the Technical Terms of the Canon and Civil Laws : Also, Containing a Full Collection of Latin Maxims, and Citations of Upwards of Forty Thousand Reported Cases in which Words and Phrases Have Been Judicially Defined Or Construed</i>. Vol. 1. <a href="/w/index.php?title=The_Lawbook_Exchange&action=edit&redlink=1" class="new" title="The Lawbook Exchange (page does not exist)">The Lawbook Exchange</a>. pp. 267–269. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781886363335" title="Special:BookSources/9781886363335"><bdi>9781886363335</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Consideration&rft.btitle=A+Dictionary+of+American+and+English+Law%3A+With+Definitions+of+the+Technical+Terms+of+the+Canon+and+Civil+Laws+%3A+Also%2C+Containing+a+Full+Collection+of+Latin+Maxims%2C+and+Citations+of+Upwards+of+Forty+Thousand+Reported+Cases+in+which+Words+and+Phrases+Have+Been+Judicially+Defined+Or+Construed&rft.pages=267-269&rft.pub=The+Lawbook+Exchange&rft.date=1997&rft.isbn=9781886363335&rft.aulast=Rapalje&rft.aufirst=Stewart&rft.au=Lawrence%2C+Robert+L.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dqg83MNT4WB4C%26q%3Dconsideration%2Benglish%2Blaw%26pg%3DPA268&rfr_id=info%3Asid%2Fen.wikipedia.org%3APeppercorn+%28law%29" class="Z3988"></span></span> </li> <li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHyland2009" class="citation book cs1">Hyland, Richard (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=QTjRCwAAQBAJ&q=civil+law+vs+common+law+differences+peppercorn&pg=PA137">"The Legal Concept of the Gift"</a>. <i>Gifts: A Study in Comparative Law</i>. <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>. pp. 127–218. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780199711093" title="Special:BookSources/9780199711093"><bdi>9780199711093</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=The+Legal+Concept+of+the+Gift&rft.btitle=Gifts%3A+A+Study+in+Comparative+Law&rft.pages=127-218&rft.pub=Oxford+University+Press&rft.date=2009&rft.isbn=9780199711093&rft.aulast=Hyland&rft.aufirst=Richard&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DQTjRCwAAQBAJ%26q%3Dcivil%2Blaw%2Bvs%2Bcommon%2Blaw%2Bdifferences%2Bpeppercorn%26pg%3DPA137&rfr_id=info%3Asid%2Fen.wikipedia.org%3APeppercorn+%28law%29" class="Z3988"></span><p><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHyland2009" class="citation book cs1">Hyland, Richard (2009). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=QTjRCwAAQBAJ&q=civil+law+vs+common+law+differences+peppercorn&pg=PA466">"Making the Gift"</a>. <i>Gifts: A Study in Comparative Law</i>. <a href="/wiki/Oxford_University_Press" title="Oxford University Press">Oxford University Press</a>. pp. 353–498. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780199711093" title="Special:BookSources/9780199711093"><bdi>9780199711093</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=Making+the+Gift&rft.btitle=Gifts%3A+A+Study+in+Comparative+Law&rft.pages=353-498&rft.pub=Oxford+University+Press&rft.date=2009&rft.isbn=9780199711093&rft.aulast=Hyland&rft.aufirst=Richard&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DQTjRCwAAQBAJ%26q%3Dcivil%2Blaw%2Bvs%2Bcommon%2Blaw%2Bdifferences%2Bpeppercorn%26pg%3DPA466&rfr_id=info%3Asid%2Fen.wikipedia.org%3APeppercorn+%28law%29" class="Z3988"></span></p></span> </li> <li id="cite_note-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-5">^</a></b></span> <span class="reference-text">E.g., <i><a href="/wiki/Batsakis_v._Demotsis" title="Batsakis v. Demotsis">Batsakis v. Demotsis</a></i>, 226 S.W.2d 673 (<a href="/wiki/Texas_Courts_of_Appeals" title="Texas Courts of Appeals">Court of Civil Appeals of Texas</a>, 1949).</span> </li> <li id="cite_note-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-6">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEdmund_Polubinski,_Jr.1968" class="citation journal cs1">Edmund Polubinski, Jr. (1968). <a rel="nofollow" class="external text" href="http://scholarship.law.wm.edu/cgi/viewcontent.cgi?article=2867&context=wmlr">"The Peppercorn Theory and the Restatement of Contracts"</a>. <i>William & Mary Law Review</i>. <b>10</b> (1): 201–211.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=William+%26+Mary+Law+Review&rft.atitle=The+Peppercorn+Theory+and+the+Restatement+of+Contracts&rft.volume=10&rft.issue=1&rft.pages=201-211&rft.date=1968&rft.au=Edmund+Polubinski%2C+Jr.&rft_id=http%3A%2F%2Fscholarship.law.wm.edu%2Fcgi%2Fviewcontent.cgi%3Farticle%3D2867%26context%3Dwmlr&rfr_id=info%3Asid%2Fen.wikipedia.org%3APeppercorn+%28law%29" class="Z3988"></span></span> </li> <li id="cite_note-7"><span class="mw-cite-backlink"><b><a href="#cite_ref-7">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFValenta2010" class="citation book cs1">Valenta, Marcel (2010). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=r-NiQsHzk4gC&q=peppercorn+payment+company+net+worth+negative&pg=PA596">"United States of America"</a>. In Pfeiffer, Gero F.; Timmerbeil, Sven; Johannesdotter, Frederik; Tidwell, Kay L. (eds.). <i>International Asset Transfer: An Overview of the Main Jurisdictions : a Practitioner's Handbook</i>. <a href="/wiki/Walter_de_Gruyter" class="mw-redirect" title="Walter de Gruyter">Walter de Gruyter</a>. pp. 591–616. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9783899494822" title="Special:BookSources/9783899494822"><bdi>9783899494822</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=bookitem&rft.atitle=United+States+of+America&rft.btitle=International+Asset+Transfer%3A+An+Overview+of+the+Main+Jurisdictions+%3A+a+Practitioner%27s+Handbook&rft.pages=591-616&rft.pub=Walter+de+Gruyter&rft.date=2010&rft.isbn=9783899494822&rft.aulast=Valenta&rft.aufirst=Marcel&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3Dr-NiQsHzk4gC%26q%3Dpeppercorn%2Bpayment%2Bcompany%2Bnet%2Bworth%2Bnegative%26pg%3DPA596&rfr_id=info%3Asid%2Fen.wikipedia.org%3APeppercorn+%28law%29" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBoackle2003" class="citation book cs1">Boackle, K. F. (2003). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=0Ob1MwwJnOUC&q=ten+dollars+and+other+good+and+valuable+consideration&pg=PA65"><i>Real Estate Closing Deskbook: A Lawyer's Reference Guide & State-by-state Summary</i></a>. <a href="/wiki/American_Bar_Association" title="American Bar Association">American Bar Association</a>. p. 65. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781590312087" title="Special:BookSources/9781590312087"><bdi>9781590312087</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Real+Estate+Closing+Deskbook%3A+A+Lawyer%27s+Reference+Guide+%26+State-by-state+Summary&rft.pages=65&rft.pub=American+Bar+Association&rft.date=2003&rft.isbn=9781590312087&rft.aulast=Boackle&rft.aufirst=K.+F.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3D0Ob1MwwJnOUC%26q%3Dten%2Bdollars%2Band%2Bother%2Bgood%2Band%2Bvaluable%2Bconsideration%26pg%3DPA65&rfr_id=info%3Asid%2Fen.wikipedia.org%3APeppercorn+%28law%29" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFClarke2006" class="citation book cs1">Clarke, David (2006). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=Z9PbBAAAQBAJ&q=peppercorn+payment+virtual+freehold&pg=PA187">"Long Residential Leases: Future Directions"</a>. 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