With regards to the statute of limitations, which of the following is a valid time period for the stated contracts:
- oral – 3 years, written – 5 years
- oral – 4 years, written – 6 years
- oral – 2 years, written – 4 years
- oral and written contracts both have 4 years.
The answer is C. It might help your memory to think of it this way: oral contracts are given less time because they are a ‘softer’ form of agreement – obviously having something in writing is much stronger.