[i] Oxford Dictionaries (2019): en.oxforddictionaries.com/definition/peppercorn_rent The Oxford Dictionary defines the rental of peppercorns as ”a very low or nominal rent”.[ But how weak is that? And why do we call it a peppercorn rent? To understand, we first need to know the difference between the lease and the condo and study what the basic rent is and why it exists. The hypothetical collection of any object, be it pepper corn, crab or a pound piece for an extended period of time, also helps to prevent any claim by the tenant to own the country. There is therefore a formal relationship between the two parties. However, the term ”peppercorn rental” is now used more generally to mean a small or insignificant amount. The main campus of the University of Bath is on a 999-year lease from bath City Council at the time. Each year, a peppercorn is rented by the university treasurer to the president of bath and North East Somerset Council (but also to maintain the relationship between ”city and dress”).  This brings us to a basic rent of peppercorns. If this is indicated in the terms of a tenancy agreement, it technically means that the tenant must give a peppercorn (the type that is normally ground in a pepper mill) per year. In reality, this means that the tenant pays zero basic rent. Obviously, this is a rather strange idea, but there is an interesting reason why the basic peppercorn rent was created.
In general, in English law almost all law contracts require both parties to offer, which is a consideration that my professors at the law school have used to comfortably translate to mean something of value. In the absence of consideration, there is no binding contract and, therefore, an agreement without consideration is not enforced by the courts. The courts are there to enforce agreements, not to decide whether an agreement is good or bad for both parties. Therefore, if one contract requires one party to give up something of great value, while the other gives up something much less, it is usually always a valid contract. And here we go back to our peppercorn, because for an essentially one-sided treaty to still be valid and applicable, the contract is usually written in such a way that one of the parties gives up a little value, while the other party gives a nominal amount like a pound or, literally, a grain of pepper. Peppercorn payments are sometimes used to sell a struggling business. I`ve rarely seen it, even though the Comet group seems to have been sold recently for only 2 dollars, could it probably have been treated with a single peppercorn? Most often, I run into peppercorns (except the dining table) for their use as rent or renting peppercorns in long real estate leases. The most common example would be to rent an apartment or a house for 999 years and make the rental a peppercorn.