Consideration does not have to be adequate or commercially realistic, nor does it have to be expressed in monetary terms, it merely needs to be "sufficient".
Discuss the accuracy of this statement.
Your answer should include a detailed explanation of "nominal" consideration and "sufficient" consideration and how these legal concepts interact in cases like Williams v Roffey Bros & Nicholls (Contractors) Ltd [1991] 1 QB 1.
Your assignment should also discuss whether Australian contract law should (or should not) provide greater clarity as to what is (or is not) sufficient consideration.
You must use a number of reputable academic sources outside of the prescribed text and follow the AGLC guide for footnotes and bibliography.
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).
The assignment is to be 2,000 words (+/-10%) in length. Students who fail to reach or exceed the word limit within the stated tolerance will have marks deducted. A word count (not including footnotes and bibliography) must be provided with hard copy of assignment.