Statutes of limitations
A)define how much money the injured party can sue for under a breach of contract claim.
B)define whether there has been substantial performance of a contract or a material breach.
C)limit the time in which an injured party may sue.
D)only apply to the sale of goods.There is no statute of limitations on a service contract.

Question

Quizplus · Accepted Answer

Statutes of limitations determine the time limit within which a party can sue, beyond which the claim becomes invalid or unenforceable. They do not define the amount of damages in a claim or determine breach of contract's materiality. Furthermore, they apply to all types of contracts, including service and goods contracts.

Statutes of Limitations