The existence of statutes of limitation are due to

Statutes of limitation rest on several policies: "Long dormant claims have more of cruelty than justice in them", "The defendant may have lost the evidence to dispute the stale claim", and "Persons with good causes of action should pursue them with reasonable diligence". Hence "All of the given options are correct" is correct; such statutes prevent the revival of claims after evidence has been lost, memories have faded and witnesses have disappeared.