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Answer: First, a little background: A statute of limitations is a law that limits the amount of time you have to file a lawsuit after you have suffered some type of loss or injury.
Statutes of Limitations. Several key laws govern statutes of limitations in Virginia. The basic statute on contracts is Va Code. Â§8.01-246, which provides a five-year limitation for any written and signed contract, and a three-year. limitation for any unwritten contract, express or implied. One notable exception is for sales contracts.