A and B enter into a contract on January 1 of this year.A 's friend C tells A , "The law generally restricts the time within which an action can be brought by either party to a contract." C 's statement is:
A) true because of covenants not to sue.
B) true because of statutes of limitations.
C) true because of the law of repudiation.
D) false.

Question

Quizplus · Accepted Answer

Statutes of limitations are laws that set the maximum time after an event within which legal proceedings may be initiated. In the context of contracts, these statutes limit the period within which a party can bring a lawsuit to enforce the contract. This is why C's statement is true because of statutes of limitations.

A and B Enter into a Contract on January 1