When it comes to legal contracts, the statute of limitations is a concept that refers to the period of time during which a party can bring a legal action or claim against the other party. Parol contracts, which are verbal or oral agreements between two parties, are subject to specific rules when it comes to the statute of limitations.

The statute of limitations for parol contracts varies depending on the state in which the contract was made and the specific circumstances of the case. However, in general, the statute of limitations for parol contracts is shorter than for written contracts.

In most states, the statute of limitations for parol contracts is between two and four years from the date of the contract. This means that if a party wishes to enforce a parol contract, they must bring legal action within this time period.

It is important to note that the statute of limitations for parol contracts may also be affected by other factors, such as the terms of the contract itself. For example, if the parol contract includes a clause that allows for a longer statute of limitations, then that clause may be enforceable.

Additionally, it is important to consider the statute of frauds when dealing with parol contracts. The statute of frauds requires that certain types of contracts, including those involving real estate, be in writing in order to be enforceable. If a parol contract is subject to the statute of frauds, it will not be enforceable unless it is in writing.

In summary, the statute of limitations for parol contracts varies by state and is generally between two and four years from the date of the contract. However, other factors such as the terms of the contract and the statute of frauds should also be considered. It is always recommended to consult with a legal professional to determine the specific statutes and requirements for enforcing a parol contract.