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  Each state has its own statutes of limitations that set the amount of time people in the state have to bring various kinds of legal actions. A statute of limitation limits the amount of time a person has to file a lawsuit. If they do not bring it within the time set, they lose the right to bring it at all. In many states, including Illinois, the time period for filing civil lawsuits varies depending on the subject matter of the lawsuit.
  
  

Contracts

• Illinois law defines contracts as "bonds, promissory notes, bills of exchange, written leases, written contracts" or other claims of indebtedness, including claims make under the Illinois Wage Payment and Collection Act.
  
  

When the Period Begins

• In Illinois, the time period to sue for contract disputes begins to run when the contact is breached. In the case of promissory notes, the time begins to run on the date the note is due or is accelerated under the provisions of the note. If the promissory note is a demand note, instead of a note with a specified due date, the time period begins to run when the demand is made. However, if the borrower does not pay the principal or interest on a note for a period of 10 years and no demand is made in that time, any collection of the note is legally barred.
  
  

Limitation Periods

• You have 10 years to sue if a contract is in writing. If the contract is an oral contract, you have only five years. An oral contract is one made by word of mouth and not put down in writing.