- open account
-
Trading on the basis that payment will be debited to the customer's account and settled on the basis of the payment terms applicable to that account.
Easyform Glossary of Law Terms. — UK law terms.
- open account
-
n.(1) An unsettled account; an account intended to be used for future transactions.(2) An account on which a buyer can make repeated transactions on credit.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
- open account
-
n.1 An as yet unsettled account.2 A series of transactions that result in a single liability.See also account.
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
- open account
-
An unpaid or unsettled account; an account with a balance that has not been ascertained, that is kept open in anticipation of future transactions. A type of credit extended by a seller to a buyer that permits the buyer to make purchases without a note or security and is based on an evaluation of the buyer's credit. A contractual obligation that may be modified by subsequent agreement of the parties, either by expressed consent or by consent implied from the conduct of the parties, provided the agreement changing the contractual obligation is based upon independent consideration.
Dictionary from West's Encyclopedia of American Law. 2005.
- open account
-
An unpaid or unsettled account; an account with a balance that has not been ascertained, that is kept open in anticipation of future transactions. A type of credit extended by a seller to a buyer that permits the buyer to make purchases without a note or security and is based on an evaluation of the buyer's credit. A contractual obligation that may be modified by subsequent agreement of the parties, either by expressed consent or by consent implied from the conduct of the parties, provided the agreement changing the contractual obligation is based upon independent consideration.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
