What happens if you sign a contract in Kansas that has a five year statute of limitation and the fine print says that you waive the statute of limitation as a defense?

You must check the laws of Kansas. Many states will refuse to honor the eaiver of statutes of limitation as being against public policy. Statutes of limitation are designed to make people file lawsuits in a timely manner and nor "sleep on their rights". A waiver of the statute of limitations has a potential of allowing a lawsuit on this contract to have an indefinite life. This would probably not be allowed even if you agreed to it, especially if it is in the fine print.