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Article 113 of the Limitation Act, 1963 is the residuary article for suits. According to the Schedule, the period of limitation prescribed for most suits relating to accounts (Part I) and contracts (Part II) is:
Answer & Solution
Correct answer: D.
1. The Schedule to the Limitation Act, 1963 prescribes three columns: **Description of suit; Period of limitation; Time from which period begins to run**.
2. The First Division (SUITS), **Part I — Suits Relating to Accounts** (Articles 1-5) and **Part II — Suits Relating to Contracts** (Articles 6-45) uniformly prescribe a period of limitation of **THREE YEARS**.
3. The trigger events differ by article: close of year (Article 1), termination of agency (Article 2-3), neglect/misconduct becoming known (Article 4), date of dissolution (Article 5), end of voyage (Article 6), wages accrual (Article 7) etc.
4. So three years is the uniform period; the trigger event determines the start date.
_Source: ICSI CS Executive — Lesson 7, Annexure 'The Schedule (Periods of Limitation)', pp. 160-162._
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