Florida’s Statute of Limitations for Business Litigation: What You Need to Know

The law provides statutes of limitations for bringing all types of civil actions, from breach of contract to personal injury cases. Statutes of limitations are timeframes in which a plaintiff must act if they want to seek compensation or other resolution.

The idea behind statute of limitation laws is that a party that believes they’ve been harmed in some way needs to act within a reasonable period so that a defendant doesn’t have the threat of a potential lawsuit hanging over them indefinitely. Further, if someone waits for too long to file a lawsuit, witnesses and evidence can be difficult, if not impossible, to locate – for either side. Most are two to four years.

The statute of limitations “clock” typically starts ticking at the time a party knows or should have known that they suffered harm. The matter doesn’t have to be resolved within the statute of limitations, but the defendant needs to be put on notice that they’re being sued – typically with the filing of the lawsuit.

Examples of Florida statutes of limitations

Statutes of limitations related to business transactions (and other matters) vary by state. Here’s a brief review of some of those that could affect Florida business owners:

• Contracts (written): Five years
• Contracts (oral): Four years
• Contracts (specific performance): One year
• Fraud: Four years
• Libel/slander: Two years
• Professional malpractice: Two years (except medical malpractice, which can go up to four years)

It’s crucial to know the statute of limitations, whether you’re the one considering taking legal action or you’re the defendant in an action. We help businesses dealing with civil litigation. Contact us for a consultation.