Which of the Following Is True of a Statute of Repose

question 11

Multiple Choice

Which of the following is true of a statute of repose?

• A) It is a significant change in the law for people who are injured by products that cause immediate injury.
• B) It bars the bringing of a tort-based product liability suit usually after five years from the date the product is first sold to a user.
• C) The people covered by statutes of repose now can bring suit even if their injury is not discovered within the statutory period.
• D) The tort statute of limitations gives people one or two years from the time they discover their injury in which to bring their suit.

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Definitions:

Payroll Period

The time frame for which employee earnings are calculated and paid, such as weekly, bi-weekly, monthly.

Unemployment Tax Rate

A tax rate assigned to an employer, based on the number of unemployment claims filed by former employees, which funds unemployment compensation programs.

Federal Income Tax

A tax levied by the IRS on the annual earnings of individuals, corporations, trusts, and other legal entities.

Gross Payroll

The total amount an employer pays to its employees before deductions, such as taxes and retirement contributions, are made.