BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Length of time most states use for a statute of limitiations.
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3 years
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7 years
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10 years
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12 years
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Explanation:
Detailed explanation-1: -Article 113 of the Limitation Act, 1963 which states that a suit has to be filed within three years from arising of cause of action.
Detailed explanation-2: -According to the Limitation Act of 1980, lawsuits founded on the law of tort (i.e., civil wrongs) or infringement must be filed within 6 years of the claim for damages arising, which is either the date of the act or omission or the date of the breach of contract, respectively.
Detailed explanation-3: -(1) Subject to the provisions contained in sections 4 to 24 (inclusive), every suit instituted, appeal preferred, and application made after the prescribed period shall be dismissed, although limitation has not been set up as a defence.
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