statute of limitations
Definition
A statute of limitations is a strict legal deadline that sets how long someone has to file a lawsuit after something bad happens. Once that time window closes, the injured party permanently loses the right to sue, even if their claim was completely valid.
Example
If a customer slips and falls in your store, they typically have two to three years to sue you depending on your state, and after that deadline passes the court will throw out their case.
Watch Out
These deadlines vary by state and by the type of claim, so never assume you are safe from a lawsuit just because a lot of time has passed without talking to a lawyer first.
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This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.