What is the Statute of Limitations?

The Statute of Limitations is a law that puts a limit on how long someone has to file a lawsuit to seek compensation for an injury or loss. In Texas, the Statute of Limitations for contract law is four years. This means that a person has four years from the date of the breach of contract to file a lawsuit for breach of contract. The Statute of Limitations also applies to oral contracts, although the law may vary depending on the type of contract and the state. It is important to note that this time limit is not always cut and dry. Factors like the nature of the contract, the discovery of the breach, and payment of the contract can all affect the Statute of Limitations. Additionally, if an agreement does not clearly specify a Statute of Limitations, courts may use a "reasonable time" as a rule of thumb to determine how long a person has to file a lawsuit. Therefore, it is important for someone who believes they have been the victim of a breach of contract to seek legal advice from an experienced and reputable contract lawyer as soon as possible. This can help ensure that they file their lawsuit in a timely manner and that their claim is not barred by the Statute of Limitations.

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What is the Statute of Limitations?

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