(1) For the purposes of this Act, a consumer agreement satisfies the condition of reasonableness only if the term is a fair and reasonable one to be included in the consumer agreement, having regard to the circumstances which were, or ought reasonably to have been known to, or in the contemplation of the parties, when the consumer agreement was made.
(2) Without limiting the generality of subsection (1), where a person seeks to restrict liability to a specified sum of money by reference to a notice of a term of the consumer agreement, and the question arises, under this Act or any other enactment, as to whether the term or notice satisfies the requirement of reasonableness regard must be had in particular to —
(a) the resources which the person could expect to be available to him or her for the purpose of meeting the liability if it arises; and
(b) the extent to which it was open to that person to cover himself or herself by insurance.
(3) The onus of proving that a term or notice satisfies the requirement of reasonableness lies on the person who claims that it does.