The Limitation Act provides the time limit in which certain rights can be enforced.
By Lapse Of Time
The
Limitation Act provides the time limit in which certain rights can be enforced.
If that time limit expires, the promisee cannot enforce the promisor and
promisor is discharged. Example: A owes Rs 10,000 to B. The last date for the
repayment of the loan has expired and B does not file a suit against A for two
years. B loses the right to recover the money back.
Tags : Business Environment and Law-Performance And Discharge Of Contracts
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