Difference between revisions of "Statute of limitations"
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| − | '''Statute of limitations''' is a [[law]] that sets the time within which parties must take action to enforce their rights.[[Category:Legal Terms]] | + | '''Statute of limitations''' is a [[law]] that sets the time within which parties must take action to enforce their rights. |
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| + | Most jurisdictions have a general statute, as well as more specific ones. For example, under the United States Code, a government contractor (as well as the government) both have six years from when a matter was known or should have been known to file suit against the other party. | ||
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| + | In most cases, the amount of damages does not have to be known specifically. | ||
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| + | [[Category:Legal Terms]] | ||
Latest revision as of 22:28, July 3, 2022
Statute of limitations is a law that sets the time within which parties must take action to enforce their rights.
Most jurisdictions have a general statute, as well as more specific ones. For example, under the United States Code, a government contractor (as well as the government) both have six years from when a matter was known or should have been known to file suit against the other party.
In most cases, the amount of damages does not have to be known specifically.