Section 266(1)(c) of the Property Law Act 1974 (Qld) prescribes an essential element of a recognised agreement — the inclusion of a statement of all significant liabilities — and whether a party knows of an omitted item is irrelevant. The mere non-inclusion of a significant liability means the agreement is not a recognised agreement, regardless of the parties' knowledge. However, the party asserting the omission must prove the existence and significance of the omitted liability.
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