Final answer:
The statute of limitations is the law that regulates the maximum period for filing a lawsuit, ensuring cases are brought to court within a timely manner to maintain evidence integrity.
Step-by-step explanation:
The statute of limitations regulates the time frame allowed for filing a lawsuit. It is a law that sets the maximum period that one can wait before filing a lawsuit, depending on the type of case or claim. The statute of limitations exists to ensure that lawsuits are filed within a reasonable period, ensuring that evidence remains fresh and litigation is resolved promptly. After the expiration of this period, legal action may not be initiated or if filed, can be subject to dismissal.
Concerning the other options, the standard of proof refers to the level of certainty and the extent of evidence necessary for a judge or jury to believe a claim. Arbitration and mediation are forms of alternate dispute resolution where an arbitrator or a mediator assists the two parties in resolving their dispute outside of the court system.