Author Question: Which of the following statements is true of statutes of limitations? A) For open accounts, accounts ... (Read 101 times)

Diane · **on:** Jun 24, 2018

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.

Question 2

An agreement that does not specify the time for performance is not binding because it is too indefinite.
Indicate whether the statement is true or false