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      Question

      Under the Limitation Act, 1963, the period of limitation

      for a contract suit is:
      A One year Correct Answer Incorrect Answer
      B Three years Correct Answer Incorrect Answer
      C Five years Correct Answer Incorrect Answer
      D Seven years Correct Answer Incorrect Answer
      E Ten years Correct Answer Incorrect Answer

      Solution

      Article 65 of the Limitation Act prescribes a period of limitation of three years for suits arising out of contract. This applies to suits on contracts for sale of goods, services, indemnity, guarantee, and other contractual obligations. The period runs from the date when the right to sue accrued, typically when breach occurred or became discoverable. Different periods apply to different causes of action as prescribed in the Schedule. [Citation: Article 65, Schedule to the Limitation Act, 1963]

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