Question: With reference to case law, please explain the following: (i)What is consideration? (ii)What are the two essential elements or requirements of consideration? (iii)What is the

With reference to case law, please explain the following:

(i)What is consideration?

(ii)What are the two essential elements or requirements of consideration?

(iii)What is the existing legal duty rule?

CASES to use:

Australian Woollen Mills v Commonwealth (1954) 92 CLR 424.

Beaton v McDivett (1987) 13 NSWLR 162.

Roscorla v Thomas (1842) 3 QB 234.

Stilk v Myrick (1809) 2 Camp 317; 170 ER 1168.

Williams v Roffey Bros & Nicolls (Contractors) [1991] 1 QB 1.

Musumeci v Winadell Pty Ltd (1994) 34 NSWLR 723.

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