NE Bar Contracts 3

Question 1

Under Nebraska law, the general statute of limitations for written contract claims is:

Accepted Answer

5 years

Answer

2 years

Answer

4 years

Answer

10 years

Question 2

Which of the following modifications to a contract for the sale of goods does NOT require consideration under the UCC?

Accepted Answer

A modification agreed to in good faith

Answer

A modification that falls within the Statute of Frauds

Answer

A modification that changes the price by more than 10%

Answer

A modification that reduces the buyer's obligations

Question 3

A liquidated damages clause in a contract is enforceable when:

Accepted Answer

Damages were difficult to estimate at contracting and the amount is a reasonable forecast of actual harm

Answer

The amount is set by statute and agreed to by both parties

Answer

The clause specifies the maximum damages recoverable by either party

Answer

The breaching party agrees to the amount after the breach occurs

Question 4

The duty to mitigate damages in a breach of contract case requires the non-breaching party to:

Accepted Answer

Take reasonable steps to minimize the losses caused by the breach

Answer

Immediately accept any substitute performance offered by the breaching party

Answer

Sue promptly to prevent the damages from accumulating

Answer

Accept a renegotiated contract at a reduced price

Question 5

Specific performance as a remedy is most commonly granted for breach of a contract to:

Accepted Answer

Sell a unique piece of real property

Answer

Provide personal services such as employment

Answer

Deliver fungible commodity goods

Answer

Perform a series of routine construction tasks

Question 6

Under the perfect tender rule applicable to the sale of goods, a buyer may reject goods if:

Accepted Answer

The goods deviate from the contract in any respect, no matter how minor

Answer

The goods fail to conform to the contract in a substantial way

Answer

The seller fails to deliver on time but the goods themselves are conforming

Answer

The buyer has already accepted the goods and later discovers a defect

Question 7

When a court awards restitutionary damages in a contracts case, the goal is to:

Accepted Answer

Prevent the defendant from being unjustly enriched at the plaintiff's expense

Answer

Place the plaintiff in the position they would have occupied had the contract been performed

Answer

Punish the defendant for willful breach of contract

Answer

Compensate the plaintiff for all foreseeable consequential losses