Discuss the general rule is that most lawsuits must be

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Question: The general rule is that most lawsuits must be commenced within 2 years of discovering the claim (i.e. when the claimant knew or ought to have known of the claim) - "discovery principle", and 10 years from the date when the claim arose - "ultimate period rule" (whichever period expires first).

One of the exceptions to this rule is: Part payment of debt or acknowledgment of debt (prior to expiration of limitation period) causes the period to re-start.

Reference no: EM133424203

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