NE Bar Contracts 3

Question 1

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

Accepted Answer

5 years

Answer

Nebraska law provides a 5-year statute of limitations for actions on written contracts under Neb. Rev. Stat. § 25-205.

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

UCC § 2-209(1) allows modification of a contract for the sale of goods without consideration, provided the modification is sought in good faith.

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

A liquidated damages clause is enforceable if damages were difficult to estimate at the time of contracting and the stipulated amount was a reasonable pre-estimate of probable harm.

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

The non-breaching party must take reasonable steps to reduce or avoid damages flowing from the breach; failure to do so reduces the recoverable damages.

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

Specific performance is available when monetary damages are inadequate, which is typically the case with real property because each parcel is considered unique.

(NE Bar) Nebraska Bar Exam Practice Test

(NE Bar) Nebraska Bar Exam Practice Test

NE Bar Contracts 3