What is a "statute of limitations"?

A "statute of limitations" is a law that establishes the maximum time after an event within which legal proceedings can be initiated. This means that if a person believes they have a legal claim, they must file their lawsuit within a specific time frame defined by the statute. Once this period expires, the individual can no longer pursue legal action related to that claim, as the right to sue is considered to be lost. Statutes of limitations can vary depending on the type of legal action and the jurisdiction.

This concept serves several purposes: it promotes timely resolution of disputes, encourages parties to gather evidence while it's still fresh, and provides certainty and closure by ensuring that claims can’t be pursued indefinitely. In contrast, other provided options touch on different aspects of legal proceedings but do not capture the essence of what a statute of limitations is intended to address.