Final answer:
The timeframe to file a lawsuit to enforce a contract is known as the statute of limitations, which varies depending on the jurisdiction and contract type, and determines the period in which legal action may be taken.
Step-by-step explanation:
The time frame in which a suit must be brought in order to enforce a contract is usually referred to as the statute of limitations. This legal concept defines the maximum time after an event within which legal proceedings may be initiated. When the statute of limitations expires, the claim is no longer valid, and the court will not enforce the contract.
The specific time limits vary by jurisdiction and the type of contract involved. For example, many states have different statutes of limitations for oral contracts compared to written contracts. It's essential for individuals and businesses to be aware of these time limits to ensure their legal rights are not forfeited.