How long is the statute of limitations for written contracts?

The statute of limitations for written contracts is typically set at 5 years in many jurisdictions, making this the correct choice. This means that if one party to a written contract believes the other party has not fulfilled their obligations, they have a 5-year window to file a lawsuit to enforce the contract. The rationale behind this timeframe is to provide a balance between allowing parties enough time to seek legal remedies and ensuring that cases are dealt with in a timely manner, preventing the uncertainty that can arise from having unresolved claims hanging indefinitely.

In comparison, shorter statutes of limitations, such as 2 or 4 years, are often applied to other types of claims like oral contracts or certain tort actions. A 10-year statute, on the other hand, is more commonly associated with different types of claims, such as those related to property disputes. Therefore, understanding the specific context of contract law is crucial in determining the applicable statute of limitations.