account stated

account stated
account stat·ed /-'stā-təd/ n pl accounts stated: an account presented by a creditor to his or her debtor which by implied or express acceptance has been agreed upon by both parties as correct

Merriam-Webster’s Dictionary of Law. . 1996.

account stated
1) A statement of the amount that parties to a transaction, loan, or settlement agree is owed by one to the other.
2) The name for a cause of action in a lawsuit brought to collect the amount the parties have agreed is owed.
Category: Business, LLCs & Corporations → Business Accounting, Bookkeeping & Finances
Category: Business Cash Flow Problems & Bankruptcy
Category: Business, LLCs & Corporations → Business Tax & Deductions
Category: Personal Finance & Retirement → Taxes → Tax Audits

Nolo’s Plain-English Law Dictionary. . 2009.


account stated
An amount that accurately states money due to a creditor; a debt arising out of transactions between a debtor and creditor that has been reduced to a balance due for the items of account.

Dictionary from West's Encyclopedia of American Law. 2005.


account stated
An amount that accurately states money due to a creditor; a debt arising out of transactions between a debtor and creditor that has been reduced to a balance due for the items of account.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

account stated
n.
   a statement between a creditor or the person to whom money is owed and a debtor (the person who owes) that a particular amount is owed to the seller 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. This is important when a frustrated businessman sues for "account stated" which 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.
   See also: debt

Law dictionary. . 2013.

Игры ⚽ Поможем решить контрольную работу

Look at other dictionaries:

  • Account stated — 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… …   Wikipedia

  • account stated — noun (plural accounts stated) : an account rendered which by implied or express acceptance has been agreed upon by both parties as correct …   Useful english dictionary

  • account stated —    A statement between a creditor and a debtor that a stated amount is owed as of a stated date. The statement may be a bill, invoice or summary of invoices that the debtor may agree to pay either in whole or in part …   Business law dictionary

  • account stated — All agreement concerning prior transactions between the parties with respect to the correctness of the separate items composing the account and the balance, if any, in favor of one or the other of the parties. 1 Am J2d Acctg § 21. An agreement… …   Ballentine's law dictionary

  • account stated — An agreed balance between parties to a settlement. Eng v. Stein, 123 Ariz. 343, 599 P.2d 796, 800 …   Black's law dictionary

  • account stated — An agreed balance between parties to a settlement. Eng v. Stein, 123 Ariz. 343, 599 P.2d 796, 800 …   Black's law dictionary

  • account — I (evaluation) noun appraisal, assessment, com pre rendu, enumeration, financial statement, ledger, list of receipts and payments, ratio, register, statement, statement of debits and credits, statement of pecuniary transactions, tally, valuation… …   Law dictionary

  • account — A detailed statement of the mutual demands in the nature of debit and credit between parties, arising out of contracts or some fiduciary relation. A statement in writing, of debits and credits, or of receipts and payments; a list of items of… …   Black's law dictionary

  • account — A detailed statement of the mutual demands in the nature of debit and credit between parties, arising out of contracts or some fiduciary relation. A statement in writing, of debits and credits, or of receipts and payments; a list of items of… …   Black's law dictionary

  • account — Synonyms and related words: a reckoning of, account current, account for, account of, account rendered, account stated, accounting, accounts, acquaintance, acta, adjudge, adjudicate, advantage, aggregate, allow, allow for, allowance, amount,… …   Moby Thesaurus

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”