Statute Of Limitations Legal Meaning and Definition

Here is a simplified definition of the legal term Statute Of Limitations.

Statute of Limitations (noun): A law that sets the maximum time following an event (like a crime, accident, or contract breach) when legal actions may be initiated. The exact time can vary by the type of dispute and location. After this time, a person loses their right to start legal proceedings. Simply, it's a deadline for filing a lawsuit.