Which of the following is correct regarding the statue of limitations?
A) On contractual rights, the legal remedy is barred after 6 years from the time of the right.
B) The usual length of time for limitation statute is six years.
C) A new promise arises when the debtor makes a part payment.
D) The limitation period is considerably longer when the promise was made under seal.
E) all of the above

Question

Quizplus · Accepted Answer

The statute of limitations can vary, but generally, it is six years for contractual rights. A new promise or part payment can reset the limitation period, and promises under seal often have longer limitation periods.

Which of the Following Is Correct Regarding the Statue of Limitations