Asked by Elisa Davis on May 26, 2024
Verified
The majority of courts hold that the running of the statute of limitations operates to discharge a contract.
Statute of Limitations
A statute that establishes the deadline by which legal cases must be filed after an incident occurs.
Discharge
The release or elimination of an obligation, such as a debt, under the law.
Contract
A legally binding agreement between two or more parties, typically involving the exchange of goods, services, money, or promises.
- Comprehend termination of contracts by statute limitations, mutual agreement, or satisfaction of conditions.
Verified Answer
KC
Krutika ChordiaMay 28, 2024
Final Answer :
False
Explanation :
The running of the statute of limitations does not discharge a contract; it merely bars the remedy to enforce the contract through the court system. The obligation or debt still exists, but cannot be legally enforced after the statute of limitations has expired.
Learning Objectives
- Comprehend termination of contracts by statute limitations, mutual agreement, or satisfaction of conditions.