Statute of Limitations

What Is the Statute of Limitations? The statute of limitations is a legal deadline that establishes how long a party has to file a lawsuit or initiate legal proceedings after a cause of action arises. Once the deadline passes, the claim is typically barred, regardless of its merits. These time limits serve to ensure legal certainty and prevent parties from facing claims based on stale evidence. ## Common Time Limits - Written contracts: typically 4 to 6 years depending on the state - Oral contracts: typically 2 to 4 years - Personal injury claims: typically 2 to 3 years - Property damage: typically 3 to 6 years - Fraud: typically 3 to 6 years ## Key Principles The statute of limitations begins to run when the cause of action accrues, which is usually when the breach or injury occurs. The discovery rule may delay the start in cases where the injured party could not reasonably have known about the harm. Certain events can toll (pause) the statute, such as the defendant's absence from the state or the plaintiff's minority or incapacity. Contractual provisions cannot typically extend the statutory period beyond what the law allows.