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“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.

Pages: 7 double spaced