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what is the statute of limitations in the state of Tennessee for an oral contract? There is nothing in writing.

1 Answers. Asked on Oct 20th, 2011 on Breach of Contract - Tennessee
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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?
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Alan Alsobrook at Law Office of Alan Alsobrook
Licenced in TN
Answered on Feb 08th, 2012 at 1:50 PM

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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Breach of Contract
A contract is a legally enforceable agreement between two parties. When you enter into a contract, you do it in good faith and expecting that the other party will meet its legal obligations. But if that fails to occur, you or your business may have grounds for a breach of contract lawsuit against the other party. If successful, you may be awarded damages, or compensation for your losses and expenses in connection with the breached contract. The court can also rescind the contract or order the party that breached the contract to fulfill its obligations. If you're party to a breached contract--whether you've been accused of a breach or are trying to compel the other side to perform its duties--you need to hire an attorney who has experience with personal, professional and/or commercial contractual disputes.
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