Which of the following statements is true of the statute of limitations?
A) The defense mechanism is inapplicable in cases of civil liability.
B) The basic period for the statute of limitation is one year.
C) The statute of limitation begins even before the discovery of untrue statement or omission.
D) A suit may be brought in any event even after five years of sale.
E) The statute of limitation excludes reasonable diligence in discovering untrue statement or omission.

Question

Quizplus · Accepted Answer

The statute of limitations is a defense for both civil and criminal liability. The basic period is one year. The one year does not start to run until the discovery of the untrue statement or omission.

Which of the Following Statements Is True of the Statute