________ refers to a statute that limits the seller's liability to a certain number of years from the date when the product was first sold.
A) Statute of limitations
B) Statute of frauds
C) Statute of general application
D) Statute of repose

Question

Quizplus · Accepted Answer

The statute that limits the seller's liability to a certain number of years from the date when the product was first sold is called the statute of repose. This type of statute is meant to provide a fixed time period within which a lawsuit must be filed against a seller, regardless of when the injury or harm occurred. Unlike the statute of limitations, which starts running from the date the injury or harm is discovered, the statute of repose starts running from the date the product was first sold, regardless of when the injury or harm was discovered.

________ Refers to a Statute That Limits the Seller's Liability