Topic: Consideration need not be adequate or commercially realistic. It merely needs to be ‘sufficient’. Discuss what the term ‘sufficient’ means in this context and whether the statement is accurate...

Topic: Consideration need not be adequate or commercially realistic. It merely needs to be ‘sufficient’. Discuss what the term ‘sufficient’ means in this context and whether the statement is accurate in regards to Australian contract law. Your answer should discuss, by reference to reputable academic sources, what is meant by ‘inadequate’ or ‘nominal’ consideration and provide contrasting scenarios of what is and is not ‘sufficient’ in the eyes of the law, citing the relevant cases and judicial decisions. Purpose: to study and understand the relevant rules of consideration and the development of common law in regards to consideration. In your essay you are to address the following issues: Explain the role of consideration in formation of a contract Discuss what is meant by the key words in the assignment topic Explain the development of the relevant law with regards to the assignment topic. Refer to the appropriate law/cases in your explanation Make appropriate observations on whether there are any existing problems or issues. Note: Extensive summaries of facts of cases are not desirable. Students should focus on identifying and explaining the decision and reasoning of the court and the relevance with regard to the assignment topic. Further instructions (READ THIS!!) The assignment must include footnotes, a bibliography. Students are required to adhere to the Australian Guide to Legal Citation (AGLC) for footnotes, references and bibliography and must not employ an alternative method (e.g., the Harvard method)