Business Litigation Basics: Statute of Limitations for Breach of Contract Reduced!by Samir Dahman on 10/25/12
What is a Statute of Limitations?
A statute of limitations is the time period that a party has to initiate a lawsuit before they are permanently barred from bringing suit for damages arising out of the underlying event. It is important to note that statutes of limitation vary by claim.
Breach of Contract Statute of Limitations Reduced.
Like many states, Ohio's statute of limitation for breach of written contract actions was many, many years - 15 years to be precise.
But, effective September 28, 2012, the statute of limitations to file an action on a written contract in Ohio is now 8 years. See R.C. 2305.06. The new statute of limitations applies to actions in which the cause of action accrued on or after September 28, 2012. For causes of action that accrued prior to September 28, 2012, the limitations period is the earlier of 15 years from the accrual date or September 28, 2020.