Legal Definition of Statute of limitations: A law establishing a specified period of time during which a litigation (lawsuit) can take place, after that period, the suit can no longer be brought | Learn about the importance of the legal concept Statute of Limitations for business owners. Discover how it affects various types of lawsuits, including personal injury cases, contract disputes, and property damage claims. Understand how the Statute of Limitations protects defendants, preserves evidence, and encourages timely resolution. Ensure you’re informed and empowered to make the right decisions by understanding this crucial legal term. Consult with a legal professional for expert guidance