Asked by Quintin Volpe on May 21, 2024
Verified
A creditor who fails to file suit to collect a debt within the time prescribed by the appropriate statute of limitations loses the right to collect it.
Statute Of Limitations
Laws that set the maximum time after an event within which legal proceedings may be initiated.
Creditor
A person to whom a debt or legal obligation is owed and who has the right to enforce payment of that debt or obligation.
- Interpret the legal consequences of failed consideration in contractual agreements.
Verified Answer
JP
Jashan PreetMay 27, 2024
Final Answer :
True
Explanation :
Statutes of limitations set an express statutory time limit on a person's ability to pursue any legal claim.A creditor who fails to file suit to collect a debt within the time prescribed by the appropriate statute of limitations loses the right to collect it.
Learning Objectives
- Interpret the legal consequences of failed consideration in contractual agreements.
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