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.
Please read the following instructions carefully and ensure that you follow ALL instructions below.
1. This is an individual research assignment - under no circumstances are students permitted to work together on the assignment. Students must use texts, scholarly articles and reputable online resources for their research, and these items, together with relevant cases and legislation, should be referred to in the assignment.
2. 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.
3. The assignment must be typed or printed on one side only of A4 paper with 1.5 or double spacing and leaving a left-hand margin wide enough for examiners' comments and corrections.
4. The completed assignment must be submitted in both hard copy and electronically via the Assignment Dropbox/Turnitinlink provided on the unit's VU Collaborate page.
5. 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).
Marks will be deducted where students fail to adhere to the AGLC guidelines. Failure to include footnotes and bibliography in the required format may constitute breaches of the VU plagiarism policy.
6. You must study the notes on plagiarism contained in this guide. All assignments must be submitted electronically and will generate a Turnitin similarity report. Students must aim for less than 30% similarity. Assignments can be submitted on multiple occasions until the due date, so that students can amend the assignment as necessary in order to comply with plagiarism and originality requirements.
7. Students are expected to conduct research outside of the prescribed course materials and to use reputable academic sources. A minimum of 6 sources is expected. Be very careful if using Internetsources, as many of these are not of academic standard. Consult the VU library site and links provided on VU Collaborate for reputable Internet sources.Sites such as Wikipedia, lawteacher.net, student papers or notes available on the internet and similar are unacceptable.
8. Whilst there is no prescribed number of footnotes required, students are advised that at least 20 is desirable. More may be necessary in order to properly acknowledge sources according to the VU plagiarism guidelines.