Final answer:
The legal right to sue for a breach of contract is subject to a statute of limitations.
Step-by-step explanation:
Yes, the statement is true. The legal right to sue for a breach of contract is subject to a statute of limitations. A statute of limitations is a specific time period within which a lawsuit must be filed in order to be valid. Once the statute of limitations has expired, the party seeking to sue for a breach of contract may no longer take legal action.
For example, let's say a contract between two parties states that any disputes arising from the contract must be resolved through litigation. If one party breaches the contract, the other party will have a certain number of years (specified by the statute of limitations) to file a lawsuit against the breaching party. If the lawsuit is not filed within that time period, the injured party will lose the legal right to seek compensation for the breach.