Could we put a limit on the number of orders we can take for product, is this possible?
This is quite easy to do, go to https://yoursite.com/wp-admin/edit.php?post_type=product (or find it in the dashboard sidebar Products )
Click on Quick Edit.
Check the box:
Set the options:
Enter the number of items you have in stock in the first box, only change the Back-Orders setting from “do not allow” if you want people to be able to continue ordering even when you are out of stock.
You can also find the same options in the main product editor.