statute of limitations legal definition

Law governing time permitted for filing various types of lawsuits, differing from state to state and as to type of matters; for example, statesÂ’ statutes of limitations for filing a negligence action may vary from one to three years, a claim for breach of contract may have a statutory limit of some other amount of time; in all cases, statutes of limitations are specifically set forth and are strictly enforced; failure to comply by even one day will result in dismissal of lawsuit.