Predetermined fixed time with 期限
期限 combines kanji for time and limit.
Dictionary Definition
前もって決められた一定の時期・期間。
A predetermined fixed time or period of time.
Goo Dictionary
Examples
Challenge deadline with 期限

During their walk home after school, Takagi presents Nishikata with an impossible challenge. When he pushes back against it, she comes up with a new challenge, which Nishikata loses. As the two reach the point where they part ways, Takagi stops for a moment.
- 高木:
- 「あの勝負期限ないからね。」
- “There's no deadline for that challenge.”
Sell-by date with 期限

The confectionery shop owner is out shopping when the trio Colors appears.
- おかし屋:
- 「カラーズちゃんあとでうち寄って期限近いおかし持ってってよ」
- “Colors, stop by my place later and I'll give you some snacks that are near their sell-by date.”