New Jersey Statutes of Limitations on Contract Liability
A statute of limitations constitutes a legal time frame within which a party must pursue its legal rights. For instance, assume the statute of limitations for libel stands at one year. If you don't file a libel case with the government within one year of the instance of libel, you lose the right to pursue action. New Jersey provides statutes of limitation on many things, including contracts.
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Six Years
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New Jersey's statute of limitations for contracts other than sales contracts is six years as of 2011. It applies to written and verbal contracts, and covers all aspects of contract dispute, including liability. Any party intending to file a civil law suit regarding contractual liability in New Jersey must do so within six years of the date of the initial contract. If the statute of limitations expires before a decision arrives on a suit, the suit remains valid because it appeared in court before the statute expired.
Contract of Sale
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The statute of limitations on a breach of a sales contract in New Jersey stands at four years, not six, as of 2011. This statute applies even if a party remains unaware of such a breach. For instance, if a party involved in a breach of a contract of sales learns of the breach after three years and six months, that party must file suit within six months or lose all rights. Parties involved in a contract of sale may reduce the statute of limitations to any period between one and four years, but cannot extend it past four years.
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Additional Information
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As a general rule, statutes of limitation in New Jersey exist as definitive and all-encompassing laws. These laws prevent any party from attempting to undertake any type of legal action in connection to a claim with an expired statute of limitations. Actions undertaken by the state regarding any legal action may remain open for as long as 10 years if the state deems it necessary to prolong an investigation of a trail.
Other Statutes of Limitations
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New Jersey maintains statutes of limitations on various things besides contracts and contractual liability. Other statutes of limitation apply to personal injury, libel and/or slander, fraud, injury to personal property, professional malpractice, trespassing, the collection of rent, collection of debt on account and judgments. As of 2011, the length of these statutes ran from one year (for libel or slander) to 20 years (for judgments).
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