D
dayli
Guest
State: NEW YORK
Q1: Is there a determined statute of limitations on contracts between two people/businesses - if one is not determined in the contract itself?
In other words, say a contract was signed in year X, and one side has not completed his obligations by the contract - is there are period of time after the other side can no longer sue for breach of contract?
Q2: Also - If the statute of limitations has ran (I can no longer sue) do I have to continue abiding by my obligations in the contract? If I don't - is it still considered a breach of contract at this time?
Details:
The contract in question covers several matters:
a) division of property between two people requiring both sides to transfer deeds of property to the other's name.
b) division of income (from rent) between the two people, requiring one side who collects the rent to transfer a set percentage to the other
c) "employment" agreement where one side would manage the property in return for percentage of income.
The property that needed ot be transfered in our name was not, we did not get our part in the income from rent, and the "manager" of the proerty withheld income from us.
- What is the statute of limitations for us to sue him?
- Are we still obligated to maintain our side (property transfer to his name)?
Thanks in advance.
Q1: Is there a determined statute of limitations on contracts between two people/businesses - if one is not determined in the contract itself?
In other words, say a contract was signed in year X, and one side has not completed his obligations by the contract - is there are period of time after the other side can no longer sue for breach of contract?
Q2: Also - If the statute of limitations has ran (I can no longer sue) do I have to continue abiding by my obligations in the contract? If I don't - is it still considered a breach of contract at this time?
Details:
The contract in question covers several matters:
a) division of property between two people requiring both sides to transfer deeds of property to the other's name.
b) division of income (from rent) between the two people, requiring one side who collects the rent to transfer a set percentage to the other
c) "employment" agreement where one side would manage the property in return for percentage of income.
The property that needed ot be transfered in our name was not, we did not get our part in the income from rent, and the "manager" of the proerty withheld income from us.
- What is the statute of limitations for us to sue him?
- Are we still obligated to maintain our side (property transfer to his name)?
Thanks in advance.