What is the Statute of Limitations?

The Statute of Limitations is a law that limits the amount of time a person has to file a lawsuit or otherwise take legal action. In the state of Mississippi, the Statute of Limitations affects contract law in various ways. Firstly, in Mississippi, the Statute of Limitations is the amount of time a party has to file a lawsuit for breach of contract. This is usually three years from the date the breach occurred. However, in some cases, parties are able to extend this period of time. Secondly, the Statute of Limitations also affects the amount of time a party has to claim an oral contract. In Mississippi, the Statute of Limitations for oral contracts is three years. This means that if a contract was made orally, the person making the claim has three years to bring the matter to court, as the oral contract will be unenforceable after this time period. Finally, the Statute of Limitations also affects the amount of time a party has to collect on a debt. Generally, in Mississippi, this amount of time is three years. This means that any amount of money owed will have to be collected within three years, as after this time the debt will become uncollectible. In conclusion, the Statute of Limitations is an important law to consider when it comes to contract law in Mississippi. It affects the amount of time a person has to file a lawsuit for breach of contract, the amount of time for an action to be taken on an oral contract, and the amount of time a party has to collect on a debt.

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What is the Statute of Limitations?

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