The statute of limitations refers to the time limit within which a legal action must be initiated. It varies depending on the type of case and jurisdiction. This time limit is important as it ensures that lawsuits are filed promptly to preserve evidence and prevent unfairness to the defendant. Once the statute of limitations has expired, the plaintiff loses the right to bring a lawsuit. For civil cases, the statute of limitations can range from a few months to several years, depending on the nature of the claim. For example, personal injury cases typically have a statute of limitations of two to three years. In criminal cases, the statute of limitations varies depending on the severity of the offense, with more serious crimes having longer time limits. It is crucial for individuals involved in legal disputes to be aware of the statute of limitations applicable to their case. Failing to file a lawsuit within the specified time period can result in the case being dismissed, regardless of the merits of the claim. Therefore, seeking legal advice promptly is essential to ensure that rights are not lost due to the expiration of the statute of limitations.