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If the other party breaches a condition of the contract, you may be able to 'repudiate' the contract to terminate it and claim damages for your loss - or to 'affirm' the contract and claim damages. When the breach of contract is the breach of a warranty in the contract, the restitution is by damages alone.
In Iowa, a breach of an unwritten contract is subject to a five-year statute of limitation, and a claim for breach of a written contract is subject to a ten year statute of limitations. Iowa Code §614.1.
Statutes of Limitation in Iowa: At a Glance Code SectionIowa Code Annotated (I.C.A.) § 614 et seq.TrespassFive years (I.C.A. § 614.1(4))Collection of RentsFive years (I.C.A. § 614.1(5)(b))ContractsWritten: 10 years (I.C.A. § 614.1(5)) Oral: Five years (I.C.A. § 614.1(4))7 more rows
A warranty is a seller's promise that a product sold to a buyer has a certain quality. If the product proves to be deficient in this quality as promised, the seller is legally liable for breach of warranty.
The following is Iowa's general statute of limitations for misdemeanor crimes: Simple Misdemeanor: One year. Aggravated or Serious Misdemeanor: Three years. Fraud and Breach of Fiduciary Obligation: One year from the time of discovery but not exceeding six years, extending the one-year period by five years.
If the seller breaches a warranty to the buyers, the latter can take legal action to protect their rights or their business. U.S. laws governing warranties will help the plaintiff and their legal counsel determine what it is that a seller has agreed to sell the buyer.
In the state of Iowa, you have two years from the date of your injury to file a product liability lawsuit [Source: Iowa Code § 614.1(2)(a)].
Under Iowa's statute of limitations, you have two years, in most cases, to start litigation against the at-fault party.