FREE KY Bar Contracts and Uniform Commercial Code Questions and Answers
Under the UCC, what is the effect of a "firm offer" made by a merchant?
Under UCC § 2-205, a "firm offer" by a merchant, when made in writing and signed, is irrevocable for the time stated in the offer or for a reasonable time if no time is stated, not exceeding three months.
What remedy is available to a buyer under the UCC if the seller delivers nonconforming goods?
Under the UCC, if the seller delivers nonconforming goods, the buyer has the right to reject the goods and seek damages or cover. Cover involves obtaining substitute goods and seeking the difference between the contract price and the cover price.
Under Kentucky law, which of the following is NOT a required element for a contract to be enforceable?
For a contract to be enforceable, it must include mutual assent (offer and acceptance), consideration, and legal capacity. While some contracts must be in writing to be enforceable under the Statute of Frauds, many contracts are enforceable even if they are not written, as long as the essential elements are present.
Under the UCC, what is the primary rule for determining the place of delivery for a sales contract involving goods?
Under the UCC, if a contract specifies a place of delivery, the seller must deliver the goods to that location. If no place of delivery is specified, the default rule is that the delivery should be made at the seller’s place of business.
What is the statute of limitations for bringing a breach of contract claim under Kentucky law?
In Kentucky, the statute of limitations for bringing a breach of contract claim is 5 years. This means a party must file a lawsuit within 5 years of discovering the breach or when the breach occurred.