The correct answer is B, Doctrine of laches. Laches is an equitable doctrine based on the principle that a claimant who unreasonably delays asserting a legal or equitable right, causing prejudice to another party, may lose the ability to obtain equitable relief.

It differs from a statute of limitations. A statute of limitations establishes a legislatively defined time period for commencing specified legal actions. Laches focuses more flexibly on the circumstances of the delay, including whether the claimant knew of the issue, whether the delay was unreasonable, and whether another party was materially prejudiced.

For example, someone who watches another party make substantial investments in disputed property while knowingly delaying an equitable challenge can encounter a laches defense.

Novation concerns substitution of contractual obligations or parties. Acceleration is a financing provision allowing a lender to demand the unpaid loan balance after specified events. Estoppel by deed concerns representations arising from a conveyance.

For licensing purposes, candidates primarily need to recognize laches as the equitable consequence of sleeping on one ' s rights.

Study Guide Reference: Property Ownership/Transfer of Title — Equitable Interests, Laches and Property Claims.