What could be the potential outcome of not following the Statute of Limitations regarding contract breaches?

Not adhering to the Statute of Limitations concerning breaches of contract can indeed lead to the loss of the legal right to sue. The Statute of Limitations sets a specific time frame within which legal action must be initiated for contractual disputes. If a party waits beyond this time limit, they may be barred from pursuing any legal remedies related to that breach.

This means that they cannot bring forth a lawsuit for that specific issue, regardless of the merits of their case or the evidence they may have. The purpose of these statutes is to ensure legal disputes are resolved in a timely manner, as this helps maintain fairness and reliability in the justice system. Essentially, once the applicable limitations period expires, the obligation to address the breach through legal action is extinguished.

In contrast, enforcement of the contract and void contract status would pertain to issues of validity and fulfillment rather than the procedural timing of legal actions. Extending the time to file is not typically an option, as the statute is generally fixed unless specific exceptions apply, which would not pertain to a simple lapse in time.