What is the purpose of a legal statute of limitations?

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What is the purpose of a legal statute of limitations?

The purpose of a legal statute of limitations is to establish a specific time period within which legal actions can be initiated. It sets a deadline for individuals to file lawsuits or bring criminal charges after a certain event or incident has occurred. The statute of limitations serves several purposes, including ensuring fairness and justice by preventing the indefinite delay of legal actions, preserving evidence and witness testimony while they are still fresh, and promoting efficiency in the legal system by encouraging timely resolution of disputes.