Payton & Associates, LLC
Commercial Litigation Attorneys
Miami, Florida

Statute of limitations for a contract dispute

There may have been a time when people in Florida would make agreements based on conversations and a handshake. Some may wish this was a viable option for operating a business. The reality is that people and businesses need to have written contracts. It is the written agreement that proves the terms of the deal. Written contracts are easier to enforce than oral agreements. A written agreement aids its enforcement. 

When one party to a contract breaches the agreement, the non-breaching party may be entitled to compensation for the damages suffered as a result of the breach. This compensation may depend on the type of breach and the type of contract.

Florida has a statute of limitations governing contracts in writing and contracts that are not in writing. The statute of limitations for written agreements requires the action be brought within five years of the breach. For contracts that are not in writing, the action must be brought within four years of the breach. Claims for specific performance of an agreement must be brought within one year of the breach. Failure to timely bring the action may bar the claims of the injured party. 

There are many different types of contracts. The hope is that both parties will abide the contract terms and never have to read the contract after it has been signed. That is not reality, however. So, if you believe the counterparty to your contract has breached it, be sure to bring you claim within the time required by law. 

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