I used to work in a garden center, and we tested any seeds that were left over at the end of the season, before they were repackaged and sold for the next season. The boss was an old tight German who never threw away a nickel, but he wouldn't sell corn seed after it was 3 years old (I think it was 3) even if the germination tests were very good. He said seedling vigor was just as important as germination, and corn is one of those plants that don't eventually catch up after poor seedling vigor.
I don't know if this translates to other garden plants, but I would guess it does in some plants. May have to do with the sugar content of the kernels in sweet corn. Seems like it would apply to garden peas, as well.
I bet someone in our forum could tell us!