The Statute of Limitations designates the period of time during which the terms of a contract may be enforced. It protects people from being compelled to perform or otherwise be sued after a period of time has expired.
-The times vary, depending on whether it is an oral contract or a written contract:
- Written contracts, 5 years
Oral (parol) contracts, 4 years
Partly written, and partly oral. 5 years for the written portion and 4 years for the oral portion.
This information is courtesy of Captain Wayne Rowlett and Rowlett Real Estate School www.rowlettrealestateschool.com
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