graeme_p - 7:15 am on Mar 17, 2010 (gmt 0)
@Kaled, there is nothing I know of in the Act that applies in this situation. It prevents exclusion of liability for negligence that causes death or injury (as far as I know Adsense has not killed anyone) and it requires that some other exclusions for liability are reasonable.
There are some added protections for people dealing as consumers (an Adsense publisher is clearly not).
If I am wrong, please point out the relevant section of the Act.
Or is the mere *possibility* of being paid someday sufficient consideration?
Yes. The consideration can even be purely symbolic. In the UK it is traditional to make a one sided agreement into a binding contract by stating that a consideration of one peppercorn will be payable on demand. Of course it is never demanded, so nothing is ever actually paid. Hence the term "peppercorn rent".