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      Question

      Under Section 14, what is the effect of the

      acknowledgment of liability in writing? 
      A It starts a new limitation period from the date of acknowledgment Correct Answer Incorrect Answer
      B It waives all limitation periods Correct Answer Incorrect Answer
      C It extends limitation period by three years Correct Answer Incorrect Answer
      D It is irrelevant to limitation Correct Answer Incorrect Answer
      E It only applies to mortgages Correct Answer Incorrect Answer

      Solution

      Section 14 states written acknowledgment of liability restarts limitation period from acknowledgment date [Section 14].

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