In This Issue:
- Written Contracts and the Statute of Limitations...Page 1
- Website Owners: Who is Liable for Third Party Postings on Your Website?...Page 2
- Business Tort Brings Sanctions...Page 3
- Excerpt from Written Contracts and the Statute of Limiations:
Business people prefer written to oral contracts for many reasons. Among them, the terms of a written contract are less susceptible to misconstruction or misunderstanding, and some oral agreements – including real estate transactions and contracts not to be performed within a year – may not be enforceable at all if they are not in writing. Another important distinction is the statute of limitations. In Virginia, an action on a written contract must be commenced within five years of signing the contract or the accrual of the cause of action. For an oral contract, the limitations period is three years. The distinction became very important to Gerald T. Dixon when he realized he had a cause of action against his surveyor more than three years after the date of their agreement...
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