BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the maximum amount of money one can receive on a claim
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the time limit for bringing a lawsuit
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the maximum amount of people who can file on the same claim
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the time limit for consideration
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Detailed explanation-1: -In general, it can be stated that most suits for money or monetary claims (excepting claims in tort) enjoy a period of three years, and most suits relating to tort are governed by periods of one year, two years or three years.
Detailed explanation-2: -Expiry of prescribed period when court is closed.-Where the prescribed period for any suit, appeal or application expires on a day when the court is closed, the suit, appeal or application may be instituted, preferred or made on the day when the court reopens.
Detailed explanation-3: -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-4: -(b) 12 years for suits relating to possession of immovable property and 30 years for mortgaged property (c) One year for suit relating to torts (3 years for compensation in certain cases (d) 30 to 90 days in case of appeals under Civil Procedure Code and Criminal Procedure Code.
Detailed explanation-5: -1. a statute limiting the period within which a specific legal action may be taken.