When parties enter into a contract, they expect each other to keep their promises. However, sometimes one party fails to perform their obligations under the contract, leading to a breach.
If you are seeking to bring a breach of contract claim, it’s important to know the statute of limitations that applies to your case.
What constitutes a breach of contract?
A breach of contract claim is a legal action taken by one party against another for failing to fulfill the terms of a contract. It occurs when one party fails to perform their obligations under the contract, such as failing to deliver goods or services as promised.
The non-breaching party may seek damages, which are monetary compensation for the losses they suffered as a result of the breach. The damages may include compensation for financial losses, as well as other types of losses, such as reputational harm or emotional distress.
The New York statute of limitations
A statute of limitations is a legal principle that establishes the time limit within which you may file a lawsuit after a particular event has occurred. In other words, it is the maximum time period during which a person can bring a legal claim.
The New York State Legislature defines the statute of limitations for breach of contract claims under Section 213 of the Civil Practice Law & Rules, Chapter 8, Article 2. Specifically, New York law states that one may file a breach of contract claim no more than six years after the event occurs. In New York, this applies to both written and oral contracts.
Know your options
Being aware of the statute of limitations ensures that you can take appropriate legal action to recover losses or damages. This knowledge not only empowers you to uphold your contractual rights but also helps in making informed decisions on how to proceed legally within the permitted period.
