Which of the Following Statements Is True of Statutes of Limitations

question 9

Multiple Choice

Which of the following statements is true of statutes of limitations?

• A) For open accounts, accounts receivable, and ordinary loans, the statute of limitations varies from four to twenty years.
• B) Even if a promisor leaves the state, the statute continues to run while the promisor is beyond the jurisdiction of the court.
• C) Statutes of limitations are uniform for all kinds of debts and suits.
• D) In the case of running accounts, such as purchases from department stores, the statute starts from the date of the last purchase.

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Definitions:

Contingency Planning

The process of preparing for potential future events or emergencies to ensure effective responses.

Program Details

Specific information regarding the structure, components, and requirements of a particular program or initiative.

HR Forecasting

A strategic approach used by HR departments to anticipate future business demands for the workforce, ensuring the right number of people with the right skills are available when needed.

Reactive

Pertaining to a response after the fact, rather than proactively anticipating changes or challenges.