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A peppercorn is still a peppercorn. So if Y sells his book for Rm 1.00 and the book actually cost Rm 200.00. By paying Y Rm 1.00 and he accepts, then a contract exists.
If someone agrees to sell you a piece of property for Rm 300,000.00 and you pay a deposit of Rm 1,000.00, a contract exists. If you cannot pay the balance of the purchase money, then the seller has the right to forfeit the Rm 1000.00 deposit.
If the seller refuses to sell the property to you, then you can sue him for breach of contract. Apply to the court for Specific Performance to force him to sell you the house.
Past Consideration is not consideration...
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