| account stated | in context | images |
- cuenta convenida; Termination of a business operation by using its assets to discharge its liabilities.
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account prefix
account receivable account receivable discounted account reconcilement account reconciliation account rendered account research manager account sales account settled account settlement account stated account statement account status account subject to notice account to divide account turnover account with credit balance accountability accountability accounts accountability in management |
From Wikipedia, the free encyclopedia
Under United States law, 'account stated' is a statement between a creditor (the
person to whom money is owed) and a debtor (the person who owes) that a
particular amount is owed to the creditor as of a certain date. Often the
account stated is a bill, invoice or a summary of invoices, signed by the
customer or sent to the customer who pays part or all of it without
protest. An account stated may also be established when
the debtor retains the statement of account (for example the bill or invoice)
without objecting, for an unreasonable length of time. "Unreasonable" is
determined by looking at the surrounding circumstances. 1 Am. Jur. 2d Accounts &
Accounting section 26 (West 2007). The elements of account stated are: (1) prior
transactions between the parties which establish a debtor-creditor relationship;
(2)an express or implied agreement between the parties as to the amount due; and
(3) an express or implied promise from the debtor to pay the amount due. 1 Am.
Jur. 2d Accounts & Accounting section 26 (West 2007). When a creditor sues for
account stated, this sets both the debtor's liability and the exact amount the
debtor must pay, which is less complicated than claiming a debt is due and
payable. An account stated may carry a longer statute of limitations (time to
file suit) than some other forms of debt, depending on the state. Defenses such
as fraud or mistake may still be asserted.
* This article uses material from Wikipedia and is licensed under the GNU Free Documentation License
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