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CONSIDERATION - A NECESSARY ELEMENT OF AUSTRALIAN CONTRACT LAW Introduction Consideration is a key element of Australian contract law. Critics have argued that some of the requirements which consideration imposes on contracting parties can bring about injustice, and that reform is necessary. Examination of the role consideration plays in contract law, however, shows that reform is likely to be socially and economically detrimental, and that a more appropriate response is to address injustice through legislation. What is consideration and what role does it play in Australian contract law? Consideration requires that both parties to a contract to either do something or promise to do something with the intention of creating a legally binding contract.1 Confirmation of consideration is essential.2 There are two types of consideration. Executory consideration (or a bilateral contract) involves the exchanging of mutual promises.3 Executed consideration is a contract in which performance of an act constitutes acceptance (a unilateral contract.)4 Consideration must...

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