QUESTION
what is the statute of limitations in the state of Tennessee for an oral contract? There is nothing in writing.
Asked on Oct 20th, 2011 on Breach of Contract - Tennessee
More details to this question:
I loaned a friend money in august of 2010. We made an oral agreement that she would pay a certain amount each month and would have the money paid back to me within a year. She has only made one payment and I have not received anything since that time. I want to find out if I have any rights to seek relief in a court of law or has the statute of limitations already run out?
1 ANSWER
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In TN, the statute of limitation for breach of contract is 6 years. However, due to statute of frauds, all contracts made for the loaning of money must be in writing. Therefore, you likely would not be able to bring suit in TN courts for breach of contract, because your contract was an oral contract.
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Answered on Feb 08th, 2012 at 1:50 PM