What term describes the time within which the right to sue must be exercised or lost?

The term that refers to the specific period within which a legal action must be initiated is known as the statute of limitations. This legal doctrine establishes a time frame for bringing a lawsuit to ensure that claims are pursued while evidence is still fresh and reliable, and to prevent prolonged uncertainty regarding potential legal actions. Each type of legal action may have its own specific statute of limitations, which varies based on jurisdiction and the nature of the claim.

In contrast, notice of suit generally pertains to informing a party about impending legal action but does not define a time frame; third party beneficiary refers to someone who benefits from a contract made between two other parties; and tort is a civil wrong that causes harm or loss, which can lead to a lawsuit but does not denote a time constraint for filing such legal actions. Understanding the statute of limitations is crucial in any legal context, as failing to file within the prescribed time can result in the loss of the right to seek legal remedy.