Which of the Following Is True About Statutes of Limitation

question 45

Multiple Choice

Which of the following is true about statutes of limitation and statutes of repose?

• A) Statutes of limitation,but not statutes of repose,set time limits on bringing legal actions.
• B) Neither type of statute applies in the event of serious injuries.
• C) These statutes are federal law and apply nationwide even to state law actions.
• D) A statute of repose requires that a claim be brought within the specified number of years that the product was originally sold.

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Definitions:

Liquidating Distribution

Payments made to a company's shareholders when the company is partially or completely liquidated, representing the return of the investor's capital.

Partnership's Liabilities

Debts or financial obligations that a partnership is responsible for, which can affect partners' individual tax situations.

Liability Increase

A financial situation where the obligations or debts of a person or company grow.

Personal-Use Asset

An asset primarily used for the personal enjoyment or needs of an individual or family, as opposed to business or investment use.