The Collaborative International Dictionary of English v.0.48:

Limitation \Lim`i*ta"tion\ (-t[=a]"sh[u^]n), n. [L. limitatio:
   cf. F. limitation. See Limit, v. t.]
   1. The act of limiting; the state or condition of being
      limited; as, the limitation of his authority was approved
      by the council.
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            They had no right to mistake the limitation . . . of
            their own faculties, for an inherent limitation of
            the possible modes of existence in the universe.
                                                  --J. S. Mill.
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   2. That which limits; a restriction; a qualification; a
      restraining condition, defining circumstance, or
      qualifying conception; as, limitations of thought.
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            The cause of error is ignorance what restraints and
            limitations all principles have in regard of the
            matter whereunto they are applicable. --Hooker.
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   3. A certain precinct within which friars were allowed to
      beg, or exercise their functions; also, the time during
      which they were permitted to exercise their functions in
      such a district. --Chaucer. Latimer.
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   4. A limited time within or during which something is to be
      done.
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            You have stood your limitation, and the tribunes
            Endue you with the people's voice.    --Shak.
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   5. (Law)
      (a) A certain period limited by statute after which the
          claimant shall not enforce his claims by suit.
      (b) A settling of an estate or property by specific rules.
      (c) A restriction of power; as, a constitutional
          limitation. --Wharton. Bouvier.
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   To know one's own limitations, to know the reach and limits
      of one's abilities. --A. R. Wallace.
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WordNet (r) 3.0 (2006):

limitation
    n 1: a principle that limits the extent of something; "I am
         willing to accept certain restrictions on my movements"
         [syn: restriction, limitation]
    2: the quality of being limited or restricted; "it is a good
       plan but it has serious limitations"
    3: the greatest amount of something that is possible or allowed;
       "there are limits on the amount you can bet"; "it is growing
       rapidly with no limitation in sight" [syn: limit,
       limitation]
    4: (law) a time period after which suits cannot be brought;
       "statute of limitations"
    5: an act of limiting or restricting (as by regulation) [syn:
       limitation, restriction]