What term refers to the fixed period within which a party must sue for breach of contract?

The term that refers to the fixed period within which a party must sue for breach of contract is the Statute of Limitations. This legal concept establishes a deadline, or time limit, for initiating a legal proceeding after a party believes a breach has occurred. The duration of this period varies depending on the specific type of claim and the jurisdiction.

Understanding the Statute of Limitations is crucial because it ensures that disputes are resolved in a timely manner, thereby promoting justice and efficiency in the legal system. Once the statute of limitations expires, a party may be barred from filing a lawsuit, regardless of the merits of the case. This protection encourages parties to pursue legitimate claims without unnecessary delay.

In contrast, the other terms relate to different legal principles. Common Law refers to a body of unwritten laws based on judicial decisions. The Statute of Frauds outlines which contracts must be in writing to be enforceable, while Assignment deals with the transfer of rights or property from one party to another. Understanding these distinctions helps to clarify the unique role of the Statute of Limitations in contract law.