one-dollar contract

noun

A legally binding agreement in which one party agrees to provide goods, services, or property to another for the nominal price of exactly one dollar; it is primarily used to fulfill the legal requirement of consideration while allowing the actual transfer to function as a gift or nominal transaction.

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Meanings

nounone-dollar contract (plural one-dollar contracts)

plural one-dollar contracts

  1. businessA legally binding agreement in which one party agrees to provide goods, services, or property to another for the nominal price of exactly one dollar; it is primarily used to fulfill the legal requirement of consideration while allowing the actual transfer to function as a gift or nominal transaction.
Cite this entry
APA

one-dollar contract. (n.d.). In WatkinsX Dictionary. Retrieved November 4, 2026, from https://dictionary.watkinsx.com/word/one-dollar%20contract

MLA

“one-dollar contract.” WatkinsX Dictionary, https://dictionary.watkinsx.com/word/one-dollar%20contract. Accessed November 4, 2026.

Chicago

WatkinsX Dictionary, s.v. “one-dollar contract,” accessed November 4, 2026, https://dictionary.watkinsx.com/word/one-dollar%20contract.

Source: one-dollar contract on Wiktionary, CC BY-SA 4.0.