Is there any limitation of time on claiming damages? Which of the following is correct?

State and territory jurisdictions have statutory limitations as to both time in which action can be taken and proportionate liability.A breach of a contract remains until resolved and a person suffering a breach can always take a matter to court, no matter what time has passed.Common law states that a person who suffers a breach must take immediate action to retrieve their losses; otherwise they lose the right of legal action.It is always at the discretion of the courts as to whether a litigant has taken too long to bring a legal action for a claim of damages.