In your own words explain the Statute of Limitation. Give an Example, Under which type of...

In your own words explain the Statute of

Limitation. Give an Example, Under which type of contracts it relates?

Business law class

Expert Solution

STATUTE OF LIMITATION

- MEANING

The statute of limitation is a law that sets maximum time period that parties have to initiate legal proceedings, whether filing criminal charges or a civil lawsuit. In other words, statute of limitations refers to the time limit imposed by law in which a lawsuit or criminal can be filed. This period varies by state and also by the type of case. It specifies a length of time in which legl action can be taken.

- EXAMPLE

If Williams commits murder in the state of texas, there is no statute of limitation for that crime. If the evidence for his prosecution received even after 20 years has passed, the state can still file criminal charges for the crime and proceed with the prosecution. It is an written contract.

statute of limitation depends on both written and oral contracts. If the contract is written, the statute of limitation is 4 years, under the california code of civil procedure.In the case of oral one, it is for two years.

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