This office lease clause is a standard condition of limitation language dealing with issues of tenant defaults in fulfilling any of the covenants of the lease.
Virginia Condition of Limitation Clause
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Multi-State
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US-OL14014
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How to fill out Condition Of Limitation Clause?
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FAQ
Breach of a written contract: Four years from the date the contract was broken. Breach of an oral contract: Two years from the date the contract was broken.
The statute of limitations for contracts in writing is five years. (Refer to §8.01-246(2).) The statute of limitations for oral contracts is three years. (Refer to §8.01-246(4).)
(a) The parties in their agreement may choose the applicable law. However, the choice is not enforceable in a consumer contract to the extent it would vary a statute, administrative rule, or regulation that may not be varied by agreement under the law of Virginia.
In Virginia, the answer to whether these exculpatory clauses are valid and enforceable is generally a resounding ?NO!? While important exceptions exist (your Virginia personal injury attorney can help explain them), liability waivers are generally unenforceable in Virginia.
Statute of limitations in contracts for sale. (1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it.
Purchaser's rights of cancellation. A. A purchaser shall have the right to cancel the contract until midnight of the seventh calendar day following the execution of such contract.
Most misdemeanors in Virginia have a one-year time limit, including minor assault and battery and certain theft charges. However, Virginia is unique in that it does not have a statute of limitations for most felonies.
