KY Bar Contracts and Uniform Commercial Code

Question 1

Under Kentucky law, which of the following is NOT a required element for a contract to be enforceable?

Accepted Answer

A written agreement

Answer

Mutual assent (offer and acceptance)

Answer

Consideration

Answer

Legal capacity

Question 2

Under the UCC, what is the primary rule for determining the place of delivery for a sales contract involving goods?

Accepted Answer

Delivery must be made at the location specified in the contract

Answer

Delivery must be made at the seller’s place of business

Answer

Delivery must be made at the seller’s place of business

Answer

Delivery must be made at a location agreed upon by both parties after the contract is signed

Question 3

What is the statute of limitations for bringing a breach of contract claim under Kentucky law?

Accepted Answer

5 years

Answer

1 year

Answer

2 years

Answer

10 years

Question 4

Under the UCC, what is the effect of a "firm offer" made by a merchant?

Accepted Answer

The offer is irrevocable for a reasonable period of time if it is in writing and signed

Answer

The offer can be revoked before acceptance if it has not been accepted

Answer

The offer automatically becomes a contract once made

Answer

The offer must include a specific price for the goods

Question 5

What remedy is available to a buyer under the UCC if the seller delivers nonconforming goods?

Accepted Answer

The buyer can reject the goods and seek damages or cover

Answer

The buyer must accept the goods and seek damages through a breach of warranty claim

Answer

The buyer must accept the goods but can return them within 30 days

Answer

The buyer can only seek specific performance of the contract