phrase:
"For the sum of $1.00, and other good and valuable consideration"In fact all
real Estate transactions in Texas contain that exact phrase.
----- Original Message -----
From: Jim Davis
Actually $1 is pretty common - both has a settlement and a verdict. A
company that simply wants the offense "on the books" or is suing on moral or
principle grounds will often sue for $1 (or in some states just enough to
get the suit out of small claims court territory - something like $1501)
just to show that they aren't in it for the money.
On the reverse Judges and juries will often give a $1 settlement to a
plaintive as a way of saying, effectively, "yes, you were technically right,
but oh so very ethically wrong" or flippant or brought the case
unnecessarily or whatever. It's really considered a slap in the face.
It's also very common in legal contracts. $1 is the minimum amount
generally recognized by law and when you must sell something when you'd
rather give it away $1 is usually the contract price. This goes even for
very large things: my company recently bought the Sears Tower as part of a
settlement and I believe we paid $1. ;^)
Jim Davis
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