The statute of limitation has always dealt with the fading power of time. This may have contributed towards the fact that this pivotal legal concept has not received much attention. Recently however, legal scholars and legislators have focused more on the law of prescription. This is apparent in...

"The efficiency of common law rules is central to achieving efficient resource allocation in a market economy. While many theories suggest reasons why judge-made law should tend toward efficient rules, the question whether the common law actually does converge in commercial areas has remained...