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There are two statutes of limitations you need to be aware of; one for oral contracts, and one for written contracts. I am assuming that your contract with the time share is writen.
Section 339 of California's Code of Civil Procedure establishes a two-year statute of limitations for oral contracts. It requires a plaintiff to file a lawsuit within two years of the alleged breach, or similar event, of an oral contract. California courts will enforce an oral contract unless a statute requires it to be a written contract. For example, Section 7159 of California's Business & Professional Code requires home-improvement contracts between an owner and a contractor to be in writing. Proving the terms of an oral contract at trial, however, typically requires witnesses or other compelling evidence.
Section 337 of California's Code of Civil Procedure establishes a four-year statute of limitations for most written contracts. It requires a plaintiff to file a lawsuit within four years of the alleged breach, or similar event, of a written contract. This section, however, specifies that a two-year statute of limitations applies to certain written contracts involving real-estate titles and title insurance.
Even if the California statute of limitations appears to have expired, certain circumstances suspend, or toll, it for a period. If one of the parties has been in prison, Section 352.1 California's Code of Civil Procedure suspends the statute of limitations up to two years. California law also suspends the statute of limitations if a party leaves the state or is a minor. Courts will also suspend the statute of limitations in rare circumstances if suspension is required to ensure justice in the case.
California courts allow contracting parties to include a term in the contract that shortens the state's statutory statute of limitations period. "Any provision shortening a statute of limitations ... is valid if it is reasonable---i.e., the shortened period still provides sufficient time to effectively pursue a judicial remedy.
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