18:49
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LSDefine
Simple English definitions for legal terms
limitations period
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A quick definition of limitations period:
Limitations period refers to the amount of time a person has to bring a legal claim or lawsuit. It is also known as a statute of limitations. This means that if someone waits too long to bring a claim, they may lose their right to do so. The limitations period varies depending on the type of claim and the state or country where the claim is being brought. It is important to be aware of the limitations period for your specific situation to ensure that you do not miss the deadline to bring your claim.
A more thorough explanation:
A limitations period is a specific time frame in which a legal action must be taken. It is also known as a statute of limitations. Once the limitations period has expired, the legal action cannot be pursued.
For example, if someone is injured in a car accident, they may have a limitations period of two years to file a lawsuit against the driver who caused the accident. If they do not file the lawsuit within that time frame, they will not be able to pursue legal action.
Another example is in the case of debt collection. There is a limitations period for how long a creditor can attempt to collect a debt. Once that time frame has passed, the creditor cannot legally pursue collection.
These examples illustrate how a limitations period can impact legal actions and the importance of being aware of the time frame in which legal action must be taken.