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Florida Law: Statute of Limitations for Breach of Contract

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Florida Law: Statute of Limitations for Breach of Contract

What is the Statute of Limitations?

The Statute of Limitations is the deadline or time limit for when a suit must be filed. If you do not bring suit within the prescribed time limit, the lawsuit is banned and could be dismissed. In Florida, a lawsuit based on a written contract must be brought within five (5) years. § 95.11(2)(b), Fla. Stat. (2014). A lawsuit based on an unwritten (verbal or oral) contract is four (4) years. § 95.11(3)(k), Fla. Stat. (2014).

What is the Purpose of the Statute of Limitations?

One purpose of the Statute of Limitations is it creates predictability and fairness in regard to filing lawsuits. Potential defendants who may be liable to another party could be put on notice of a lawsuit but will not have it hanging over their heads forever. Also, plaintiffs must decide whether or not to bring a lawsuit in a timely manner.

When Does the Statute of Limitations Period Start?

Generally, the statute of limitations period begins to run from the time the cause of action accrues. § 95.031, Fla. Stat (2014). For causes of action on a contract, the action accrues and the statute of limitations period begins to run at the time of the breach.

However, all contracts are not created equal. Contract law is complex and some contain severe consequences. It is vital that you have an attorney draft and/or review all of your contracts to ensure that your rights are protected. I have helped numerous clients who have lost money because they did not understand the contracts they agreed to or did not know what to do when the other party breached the agreement. In most of these cases, the advice of a contract lawyer could have prevented their monetary loss.

Before you enter an agreement that requires giving or paying valuable consideration, schedule a free thirty minute case assessment with me. It is always wise to consult with an experienced contract lawyer to review the agreement, advise you on your obligations under it, and the consequences of breaching the agreement. You should always make sure you read and understand anything you sign. Seeking the advice of an experienced contract attorney can help you avoid costly mistakes.

If you have any questions, or to make an appointment for a free thirty minute case assessment, contact attorney Abigail D. Edelstein at (407) 862-9449.

What is a Contract?

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Contracts are part of our everyday personal and business lives. If you are a business owner or manager of a business, you deal with contracts when you transact business with contractors, vendors, landlords, banks, employees, and customers. In our personal lives, we deal with contracts when we buy a house, buy a vehicle, sign a lease, and sign up for social media accounts.

Contracts are promises that the law will enforce. A contract is a legally binding agreement between two (2) or more persons or legal entities (e.g. corporations or LLCs), where one party agrees to provide a good or service in exchange for money, services, or other goods.

Contracts are governed by state statutes, common law (judge-made), and private law. Private law consists of the agreed upon terms of the contract between the contracting parties.

It is beneficial to have a written agreement just in case disagreement arises between the parties. Merely reducing an agreement to writing does not automatically make the contract legally enforceable. Some agreements must be in writing and meet specific requirements. See our blog post on Florida’s Statute of Frauds and Elements of a Valid Contract. There are certain clauses that should be included in contracts to protect the parties in the event of a disagreement. For example, jurisdiction, venue, mediation, jury trial, arbitration, and payment of attorney’s fees and costs provisions. A Florida business attorney will help you determine what needs to be in the contract and will ensure that the contract complies with Florida law.

If you have any questions, feel free to contact Abigail D. Edelstein at (407) 862-9449 or make an appointment for a free thirty minute case assessment.