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Understanding statutes of limitations for contracts

When it comes to the law, nearly everything has what is known as a statute of limitations. A statute of limitations affects the amount of time by which any legal action must be brought against the party believed to be responsible for the wrongdoing. This, of course, includes serious criminal acts such as burglary or sexual assault, but it can also apply to civil wrongdoings such as personal injury or breach of contract.

Contracts are an extremely important facet of the law; they outline provisions for an agreement between multiple parties, allowing all parties to be sure of an agreement. When one party breaches the contract or refuses to uphold its end of the bargain according to what has been outlined in the contract, other parties can take legal action to hold the breaching party accountable for any damages suffered.

Generally speaking, if you can prove that a person was in breach of a contract, it is possible to recover compensation or seek justice. But you have to show the provision that was breached in the contract and provide evidence that the provision was not upheld. However, you must do this before the statute of limitations expires. Otherwise, your chances of success will drastically reduce.

In Florida, there are a few different statutes that depend on the type of contract, including a five-year statute of written contracts and a four-year statute for oral contracts. If you believe that someone has breached a contract with you in the last four or five years, you should consider enlisting the aid of an attorney to help you understand what your rights are, and how you can take legal action.

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