nominal consideration

Definition of "nominal consideration"
  1. A type of consideration, or something of legal value given in return for a promise, that involves a small or symbolic amount
How to use "nominal consideration" in a sentence
  1. In a contract, the seller may accept a dollar as nominal consideration for a valuable item.
  2. A court might not enforce a contract if it finds the nominal consideration was not enough to establish a valid exchange.
  3. Despite its low value, nominal consideration can still make a contract legally binding.

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