NM General Contractor Practice Questions - New Mexico General Contractor Exam

Under the NASCLA guide, what is the 'statute of repose' and how does it differ from the 'statute of limitations'?

Statute of repose sets an absolute deadline from project completion regardless of when a defect is discovered; statute of limitations runs from discovery They are the same thing Statute of repose is shorter than statute of limitations Statute of repose applies only to criminal cases

Correct Answer:

Statute of repose sets an absolute deadline from project completion regardless of when a defect is discovered; statute of limitations runs from discovery

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