Which of the following is true of the statute of limitations in a fraudulent transaction case?

Multiple Choice

The statute of limitations does not usually begin until the untrue statement or omission is discovered.

The basic period for the statute of limitations is three years.

A suit may be brought in any event even after five years of sale.

The statute of limitations may not start to run from the time discovery of the untrue statement or omission would have been made with reasonable diligence.

The defense mechanism is inapplicable in cases of civil liability.