Suppose, there's a company with huge debts and it's sold for one dollar to a new owner. What do you call this amount of money (not necessarily one dollar)? A symbolic sum? A token sum?
asked Jul 27, 2020 at 0:47
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It could be described as any number of things, depending on context and tone: nominal, de minimis, trivial, etc. Are you looking for a term from the financial world? Is there a term for this in your native language that would lead you to believe one should exist in English?– chosterCommented Jul 27, 2020 at 2:16
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@choster We would say 'a symbolic sum'– Sergey ZolotarevCommented Jul 27, 2020 at 12:22
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2 Answers
This is referred to as a nominal (or token) consideration or peppercorn ("a very small cash payment...used to satisfy the requirements for the creation of a legal contract"). See here, for example, for its use in context.
Legally, what it's called is consideration.
In normal discussions, I've always heard it stated as "one dollar." It is indeed a token sum, but it is possible to have token sums that are not a dollar.
