Which of the following statements is true of statutes of limitations?
A)For open accounts, accounts receivable, and ordinary loans, the statute of limitations is always one year.
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.

Question

Quizplus · Accepted Answer

Statutes of limitations for running accounts, like those from department stores, start from the date of the last purchase, allowing the time frame for legal action to reset with each new purchase, unlike the fixed periods for different types of debts or actions which can vary significantly by jurisdiction.

Which of the Following Statements Is True of Statutes of Limitations